NZD/JPY Price Analysis: Bears gain ground, cross treads closely to the 20-day SMA

Yen leverages strength against the Kiwi on Tuesday, pushing the NZD/JPY pair closer to the 20-day SMA.
Sellers face growing momentum, but significant support at 96.30 remains unchallenged.
The pair might have entered in a consolidation period after hitting multi-year highs.

Patricio Martín FXStreet

On Tuesday, the NZD/JPY pair encountered sustained selling pressure as the Japanese Yen powered upwards against its rivals. Despite the sellers' incessant attempts, the critical support level at 95.30 remains strong which preserves an overall bullish outlook.

The Relative Strength Index (RSI) on the daily chart, currently at 54, shaved off the overbought status it held in Monday's session at 71, indicating a rapid negative momentum shift. Despite this, the RSI still comfortably sits in neutral territory, reflecting the subdued yet persistent bullish sentiment driving the pair. The Moving Average Convergence Divergence (MACD) continues to print rising red bars, suggesting an increase in selling momentum.

NZD/JPY daily chart

The NZD/JPY pair's encounter with the 20-day Simple Moving Average (SMA) at 95.30, showed that the buyers remain resilient and that the pair's outlook remains bullish. In case of losing it, the pair have additional supports which may limit losses at 95.00 and 94.00. As long as the cross holds above these levels, the overall outlook will be positive.

NZD/JPY

Overview
Today last price	95.63
Today Daily Change	-1.00
Today Daily Change %	-1.03
Today daily open	96.63

Trends
Daily SMA20	95.2
Daily SMA50	93.01
Daily SMA100	92.08
Daily SMA200	90.48

Levels
Previous Daily High	96.81
Previous Daily Low	96.29
Previous Weekly High	96.74
Previous Weekly Low	95.43
Previous Monthly High	96.74
Previous Monthly Low	90.83
Daily Fibonacci 38.2%	96.61
Daily Fibonacci 61.8%	96.49
Daily Pivot Point S1	96.35
Daily Pivot Point S2	96.06
Daily Pivot Point S3	95.83
Daily Pivot Point R1	96.87
Daily Pivot Point R2	97.1
Daily Pivot Point R3	97.39

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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