NZD/JPY Price Analysis: Bulls dominate market after volatile session

NZD/JPY stands at 90.62, witnessing mild gains of 0.10% after trading in an 89.90-90-80 range on Thursday.
Key indicators show positive momentum on the daily chart, favoring the bulls.
Fundamentals are also favoring the NZD over the JPY.

Patricio Martín FXStreet

In Thursday's session, the NZD/JPY pair is currently trading at 90.62, showing mild gains and reaching a high of 90.808. The landscape appears bullish, with both daily charts and a four-hour outlook indicating that the bulls are firmly holding their ground. The daily and four-hour landscape shows sellers being overpowered, keeping the pair aloft in the current range. Fundamentally speaking, both currencies were lately affected by the set of weak Chinese data. In addition, the lack of guidance of the Bank of Japan also adds pressure to the JPY.

Based on the daily chart, the scales seem to favor the bulls at this moment. The positive slope of the Relative Strength Index (RSI), confirming its foothold in the positive territory, signifies an ongoing initiation of buying pressure. This inclination towards bullish momentum is echoed in the Moving Average Convergence Divergence (MACD), as evidenced by the intensifying green bars that indicate growing bullish dominance. In addition, the pair is still above its 20, 100, and 200-day Simple Moving Averages (SMAs), reinforcing the overarching control of the bulls on a wider time horizon.

Coming to the shorter timeframe, the four-hour chart paints a similar picture as the daily chart, with the bulls holding their ground firmly. With the four-hour RSI navigating positively and displaying an upswing, the buying impetus cannot be overlooked. Furthermore, the four-hour MACD follows suit, with escalating green bars.

NZD/JPY technical levels

NZD/JPY

Overview
Today last price	90.58
Today Daily Change	0.06
Today Daily Change %	0.07
Today daily open	90.52

Trends
Daily SMA20	89.91
Daily SMA50	89.86
Daily SMA100	88.95
Daily SMA200	87.56

Levels
Previous Daily High	90.56
Previous Daily Low	90.18
Previous Weekly High	90.99
Previous Weekly Low	89.69
Previous Monthly High	91.52
Previous Monthly Low	87.69
Daily Fibonacci 38.2%	90.41
Daily Fibonacci 61.8%	90.33
Daily Pivot Point S1	90.28
Daily Pivot Point S2	90.05
Daily Pivot Point S3	89.91
Daily Pivot Point R1	90.65
Daily Pivot Point R2	90.79
Daily Pivot Point R3	91.02

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.

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