NZD/JPY gained some momentum and closed above the 100-day SMA

The NZD/JPY advanced above the 100-day SMA, closing at 87.60.
The cross tallied its third consecutive day of gains.
Indicators start to tilt in favour of the bulls as the cross may face a period of consolidation.

Patricio Martín FXStreet

In Tuesday's session, the NZD/JPY gained some reactions and closed just above the 100-day Simple Moving Average (SMA) at 87.60.

Observing the daily chart, the pair displays a bearish technical outlook for the short term as the bears gained significant momentum and asserted their presence in the latest session. However, the cross lost more than 1% last week, and the pair may consolidate those losses in the next sessions. In the meantime, the Relative Strength Index (RSI) shows a flat slope in the negative territory, while the Moving Average Convergence (MACD) histogram lays out lower red bars.

If the bears push the cross back below the 100-day Simple Moving Average (SMA), they may target multi-month lows around 85.80. On the other hand, the pair may trade sideways to consolidate the recent downward movements.

Support levels: 87.58 (100-day SMA), 87.13, 86.50.

Resistance levels: 87.80, 88.30, 88.50.

NZD/JPY Daily Chart

NZD/JPY

Overview
Today last price	87.6
Today Daily Change	0.09
Today Daily Change %	0.10
Today daily open	87.51

Trends
Daily SMA20	88.61
Daily SMA50	87.65
Daily SMA100	87.52
Daily SMA200	85.63

Levels
Previous Daily High	87.67
Previous Daily Low	87.1
Previous Weekly High	88.7
Previous Weekly Low	87.12
Previous Monthly High	90.21
Previous Monthly Low	86.3
Daily Fibonacci 38.2%	87.45
Daily Fibonacci 61.8%	87.32
Daily Pivot Point S1	87.18
Daily Pivot Point S2	86.85
Daily Pivot Point S3	86.6
Daily Pivot Point R1	87.76
Daily Pivot Point R2	88
Daily Pivot Point R3	88.33

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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