NZD/JPY bulls take a breather after getting rejected at cycle highs

NZD/JPY sees a 0.20% uptick, hovering around 90.60 after getting rejected at the cycle high 91.20.
Indicators on the shorter time frames suggest that the bears are stepping in.
The bullish trend is intact on a broader scale.

Patricio Martín FXStreet

In Wednesday's session, the NZD/JPY is trading at 90.60, modestly higher by 0.20%, retreating from a cycle high of 91.20. The pair's trajectory remains neutral to bullish on the daily chart, as bulls seem to be taking a hiatus after being rebuffed twice at cyclical peaks. On the four-hour chart, indicators suggest that bears are subtly reclaiming influence.

Daily chart indicators reflect a relatively flat yet bullish posture for the NZD/JPY. The Relative Strength Index (RSI) is in positive territory but flat, indicating a minor cooldown in the bullish momentum, perhaps due to the bulls taking a little breather following their pronounced exertions. The Moving Average Convergence Divergence (MACD) histogram echos this sentiment with flat green bars, hinting at sustained but static buying momentum.

Simultaneously, a broader outlook presents an optimistic case. This is captured by the positioning of the pair in relation to its three key Simple Moving Averages (SMAs): the 20-day, 100-day, and 200-day, respectively.

However, switching to the four-hour chart uncovers signs of increasing bearish momentum. Here, the Relative Strength Index (RSI) reveals a negative slope despite being in the positive territory - indicative of the bears ramping up their might. Concurrently, printing read bars, the Moving Average Convergence Divergence (MACD) suggests that the bears are gaining momentum.

Support Levels: 89.85 (20-day SMA), 89.30, 89.00.
Resistance Levels: 91.00, 91.20, 91.30.

NZD/JPY daily chart

NZD/JPY

Overview
Today last price	90.62
Today Daily Change	0.22
Today Daily Change %	0.24
Today daily open	90.4

Trends
Daily SMA20	89.75
Daily SMA50	88.89
Daily SMA100	87.97
Daily SMA200	86.35

Levels
Previous Daily High	90.71
Previous Daily Low	90.34
Previous Weekly High	91.03
Previous Weekly Low	89.19
Previous Monthly High	89.93
Previous Monthly Low	86.78
Daily Fibonacci 38.2%	90.48
Daily Fibonacci 61.8%	90.57
Daily Pivot Point S1	90.26
Daily Pivot Point S2	90.12
Daily Pivot Point S3	89.9
Daily Pivot Point R1	90.63
Daily Pivot Point R2	90.85
Daily Pivot Point R3	90.99

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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