NZD/JPY Price Analysis: Prints fresh 5-year high at 85.00
|- NZD/JPY hits a fresh 5-year high at 85.00 after the breakout of a broadening triangle formation.
- The pair holds above the 10- and 20-period EMAs, which adds to the upside filters.
- The RSI (14) has shifted into a bullish range of 40.00-60.00, indicating a fresh rally ahead.
The NZD/JPY pair has been performing strongly amid broader weakness in the Japanese yen. The pair has formed eight positive ticks on a weekly scale consecutively and is looking to continue the spell considering the overall price action in the asset.
On a weekly scale, NZD/JPY has given a breakout of the broader triangle formation. Usually, a breakout of a broadening triangle dictates the following ticks with high volumes and range. The pair has extended its gains after breaching the 22 October 2021 high at 82.51.
The 10 and 20-period Exponential Moving Averages (EMAs) are scaling higher at 80.80 and 79.50 respectively, which adds to the upside filters.
The Relative Strength Index (RSI) (14) has printed a fresh high at 72.73, points more gains ahead. The RSI has shifted decisively in a bullish range of 60.00-80.00.
Should the major test it's ground 22 October 2021 high at 82.51, a build-up of fresh bids will drive the pair towards the 28 April 2018 high at 83.93, followed by round level resistance at 85.00.
On the flip side, bears can take control if the pair slips below the last week’s low at 81.92. This will drag the pair towards 10 and 20-period EMAs at 80.80 and 79.50 respectively.
NZD/JPY weekly chart
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