NZD/JPY extends consolidation, still closes a winning week

NZD/JPY was down by 0.40% on Friday and closed a 0.40% weekly gain.
Buyers continue to be on the sidelines after pushing the pair to multi-year highs this week.
Indicators are losing momentum on the daily chart.

Patricio Martín FXStreet

In Friday's session, the NZD/JPY cross extended its decline towards 89.65 as investors continued to take profits from Tuesday and Wednesday's rally, which took the pair to its highest level since 2015.

The daily Relative Strength Index (RSI) points south, above the 50 middle points, while the Moving Average Convergence Divergence (MACD) prints lower green bars, evidencing the buyers are taking a break. On the four-hour chart, the bearish momentum isn't so present, and the RSI and MACD are starting to edge upwards after being weak during the session. Still, it looks like further consolidation may be incoming for the pair.

That being said, the cross stands above the 20,100- and 200-day Simple Moving Averages (SMA), indicating that the overall trend currently favours the NZD.

Support levels: 89.25, 89.00, 88.60 (20-day SMA).
Resistance levels: 90.00, 90.30, 91.20.

NZD/JPY Daily chart

NZD/JPY

Overview
Today last price	89.62
Today Daily Change	-0.30
Today Daily Change %	-0.33
Today daily open	89.92

Trends
Daily SMA20	88.65
Daily SMA50	88.41
Daily SMA100	87.84
Daily SMA200	86.1

Levels
Previous Daily High	91.2
Previous Daily Low	89.86
Previous Weekly High	89.86
Previous Weekly Low	88.93
Previous Monthly High	89.93
Previous Monthly Low	86.78
Daily Fibonacci 38.2%	90.38
Daily Fibonacci 61.8%	90.69
Daily Pivot Point S1	89.45
Daily Pivot Point S2	88.99
Daily Pivot Point S3	88.11
Daily Pivot Point R1	90.79
Daily Pivot Point R2	91.67
Daily Pivot Point R3	92.14

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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