NZD/JPY Price Forecast: Bullish momentum continues, technicals signal further gains

NZD/JPY's strong bullish momentum continues, with technical indicators signaling a potential shift.
The RSI is vertically up but remains in oversold terrain.
The MACD indicator is also bullish, as the histogram is turning positive.

Patricio Martín FXStreet

The NZD/JPY pair has shown a strong bullish momentum this week, with Wednesday's 2% gain towards 88.00 suggesting that the bulls are waking up.

The Moving Average Convergence Divergence (MACD) indicator is also showing signs of bullishness with the historgram printing lower red bars. On the other hand, the Relative Strength Index (RSI) has moved from 10 to 30. This suggests that the bulls are in control of the market and that further gains are likely as technically the pair is oversold so the bulls have more room to go.

NZD/JPY daily chart

The NZD/JPY pair is consolidating above the 87.00 level, and the bulls are attempting to push the pair towards the 90.00 zone. If the bulls are successful, it could open the door to further gains towards the 91.00 zone. However, if the bears manage to push the pair below the 87.00 level, it could lead to a deeper correction to restest the 86.00 - 85.00 zone.

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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