NZD/JPY Price Analysis: Bulls retain control and present battle around the 20-day SMA

The daily chart reveals a positive momentum, with the RSI and MACD demonstrating the upper hand of buyers.
The hourly RSI is exchanging hands around the 50 level.
The pair is building strong support around the 20-day SMA.

Patricio Martín FXStreet

The NZD/JPY currency pair is trading near the 91.541 level, experiencing what appears to be a robust uptrend. Indicators on the daily chart remain strong while hourly indicators stand somewhat mixed. On the negative side, for bears to start talking, they must breach the 20-day Simple Moving Average (SMA) at 91.00 which is acting as a strong support in favor of the bulls.

On the daily chart, the Relative Strength Index (RSI) shows positive momentum for the NZD/JPY pair, settling at about 56. The recent history of the RSI in positive territory highlights the dominance of buyers, occasionally counterbalanced with dips flirting with the negative domain. Concurrently, the MACD histogram displays green bars, further indicating positive momentum in the market.

NZD/JPY daily chart

Moving to the hourly chart, the RSI fluctuates around the neutral mark of 50, with the latest reading jumping back to 57 after a slight decline earlier in the session. The MACD histogram continues to print flat green bars, indicating a flattening buying momentum.

NZD/JPY hourly chart

Taking into account this technical landscape, the NZD/JPY shows a bullish inclination in a broader outlook. It stands notably above the 20, 100, and 200-day Simple Moving Averages (SMAs), indicating a consistent uptrend. As long as the pair holds above the key 20-day average, the bullish trend will remain intact. However, the mixed outlook on the hourly chart advises that the buyers may give up ahead of the Asian session which could pave the way for a retest of the mentioned average.

NZD/JPY

Overview
Today last price	91.83
Today Daily Change	0.35
Today Daily Change %	0.38
Today daily open	91.48

Trends
Daily SMA20	91.04
Daily SMA50	91.31
Daily SMA100	90.63
Daily SMA200	89.25

Levels
Previous Daily High	92.37
Previous Daily Low	91.23
Previous Weekly High	91.7
Previous Weekly Low	90.11
Previous Monthly High	92.2
Previous Monthly Low	90.17
Daily Fibonacci 38.2%	91.66
Daily Fibonacci 61.8%	91.93
Daily Pivot Point S1	91.02
Daily Pivot Point S2	90.56
Daily Pivot Point S3	89.88
Daily Pivot Point R1	92.16
Daily Pivot Point R2	92.83
Daily Pivot Point R3	93.29

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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