NZD/JPY Price Analysis: Bullish momentum eases, buyers and sellers find consolidation

The daily chart escapes overbought signals as the overall trend begins to consolidate.
After reaching multi-year highs above 96.70, NZD/JPY enters a phase of consolidation with support found at 95.50.
The 95.00 offers strong support to prevent further losses.

Patricio Martín FXStreet

On Thursday's trading session, the NZD/JPY pair underwent further corrections, with sellers gaining momentum. Nonetheless, the pair managed to clear some losses and found strong support at 95.50. Traders are also eying the 95.00 threshold to prevent further losses. While signs of a possible reversal in momentum have waned, the overall outlook remains a phase of consolidation.

According to the daily chart indicators, the Relative Strength Index (RSI) now stands below 70, reflecting a change from previous overbought conditions. This coincides with a potential pause or slow in price gains. Simultaneously, the Moving Average Convergence Divergence (MACD) indicates a decrease in positive momentum with shrinking green bars.

NZD/JPY daily chart

Glancing at the hourly chart, the RSI and MACD histograms have both flattened in negative territory. This suggests that sellers may be losing traction on an hourly basis, indicating consolidation.

NZD/JPY hourly chart

As the consolidation phase continues, any downward movements that keep the pair above its Simple Moving Averages (SMAs) could be considered corrective, providing the pair stays above the key support level of 95.00.

NZD/JPY

Overview
Today last price	95.99
Today Daily Change	-0.36
Today Daily Change %	-0.37
Today daily open	96.35

Trends
Daily SMA20	94.54
Daily SMA50	92.7
Daily SMA100	91.9
Daily SMA200	90.33

Levels
Previous Daily High	96.71
Previous Daily Low	96.24
Previous Weekly High	96.15
Previous Weekly Low	95.08
Previous Monthly High	95.42
Previous Monthly Low	89.96
Daily Fibonacci 38.2%	96.42
Daily Fibonacci 61.8%	96.53
Daily Pivot Point S1	96.15
Daily Pivot Point S2	95.96
Daily Pivot Point S3	95.68
Daily Pivot Point R1	96.63
Daily Pivot Point R2	96.91
Daily Pivot Point R3	97.1

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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