NZD/JPY Price Analysis: Bulls consolidate control, eyeing resistance breakout
- NZD/JPY retreats from Monday's high, and consolidates around 90.00.
- RSI remains in positive territory, MACD rising green bars indicate bullish momentum.
- Bulls target resistance at 90.50, breakout could extend gains.
The NZD/JPY pair, after logging a 0.30% gain on Monday, retreated slightly and consolidated around the 90.00 level. The bulls remain in control in the near term, with the technical indicators painting a bullish picture. The Relative Strength Index (RSI) is currently at 56, indicating that buying pressure remains elevated and corresponds to a rising RSI slope, suggesting that buying pressure is increasing. The Moving Average Convergence Divergence (MACD) is also bullish, with the histogram rising and green.
Over the past seven sessions, NZD/JPY has traded sideways, fluctuating between the levels of 89.40 and 90.40. This consolidation period has formed three clear round support levels at 87.50, 88.00, and 88.50. Notably, the pair has also established resistance levels at 89.50, 90.00, and 90.50. The recent price action suggests that the bulls are in control, and a breakout above the 90.50 resistance level could lead to further gains in the near term.
NZD/JPY daily chart
Author
Patricio Martín
FXStreet
Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.
