NZD/JPY nudges upwards and hits one-month high
- The NZD/JPY rose to 90.30, seeing 0.25% gains.
- Daily chart indicators hint at sustained buying momentum; RSI in positive territory alongside a rising MACD histogram.
- Four_hour_chart indicators flattened and suggested consolidation of upward movements.
In Friday's session, the NZD/JPY pair traded up to a high of 90.50, its highest since early December, and then consolidated towards 90.30, marking a gain of 0.25%. Bulls are seemingly gaining ground in the daily chart as it portrays a bullish outlook. Meanwhile, the four-hour indicators seem to be consolidating the upward movement, suggesting a pause in the dominant buying activity.
The indicators on the daily chart reflect a substantial buying momentum. The Relative Strength Index (RSI) is in positive territory with an upward inclination, signifying increasing buyer strength. Advancing green bars of the Moving Average Convergence Divergence (MACD) complement this positive outlook, further indicating a growing uptrend. Complementing this bullish prognosis is the pair's position above all of the Simple Moving Averages (SMAs) - 20, 100, and 200-day periods, which corroborates that the uptrend is under the solid control of the bulls in a broader context.
Switching to a shorter time frame, the four-hour chart paints a more consolidated image of the market. Although the Relative Strength Index (RSI) remains in positive territory, it has leveled off to a steady flat position, indicating that the buying momentum might be taking a pause. Concurrently, the green bars in the Moving Average Convergence Divergence (MACD) continue to rise, suggesting an ongoing but slowing upward trajectory. This mix of signals on the shorter time frame suggests that while the upward momentum still holds, the market might be taking a breather before making the next move.
NZD/JPY technical levels
NZD/JPY daily chart
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Author
Patricio Martín
FXStreet
Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.
