NZD/JPY advances slightly but closes a losing week

NZD/JPY rose nearly 0.10% towards the 89.245 area
The cross continues to side-ways trades, slightly tilted to the downside.
Bulls seem to be taking a breather after last week’s 3% gains.

Patricio Martín FXStreet

The NZD/JPY will close a 0.30% losing week around the 89.245 area, as investors are taking profits from the early month's sharp gains.

Observing the daily chart, the NZD/JPY displays signs of bullish exhaustion after the cross gained more than 3% at the beginning of November. The Relative Strength Index (RSI) has turned flat above its midline, while the Moving Average Convergence (MACD) prints neutral green bars. On the four-hour chart, the indicators have also flattened but are also slightly lilted to the upside, suggesting that buyers are consolidating gains.

Additionally, the cross is above the 20,100,200-day Simple Moving Average (SMA), suggesting that the outlook also favours the bulls in the larger time frames. Furthermore, there could be a bullish confirmation as the 100-day SMA is converging towards the 20-day average to perform a bullish cross, which could reignite the momentum for the buyers in the short term.

Support levels: 89.000, 88.700, 88.500.

Resistance levels: 89.5000, 89.850,90.000.

NZD/JPY Daily Chart

NZD/JPY

Overview
Today last price	89.25
Today Daily Change	-0.03
Today Daily Change %	-0.03
Today daily open	89.28

Trends
Daily SMA20	88.18
Daily SMA50	88.09
Daily SMA100	87.75
Daily SMA200	85.93

Levels
Previous Daily High	89.86
Previous Daily Low	89.13
Previous Weekly High	89.63
Previous Weekly Low	86.84
Previous Monthly High	89.93
Previous Monthly Low	86.78
Daily Fibonacci 38.2%	89.58
Daily Fibonacci 61.8%	89.41
Daily Pivot Point S1	88.99
Daily Pivot Point S2	88.69
Daily Pivot Point S3	88.25
Daily Pivot Point R1	89.72
Daily Pivot Point R2	90.16
Daily Pivot Point R3	90.46

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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