NZD/JPY Price Analysis: Buyers defend 20-day SMA despite consolidation

Kiwi sees further consolidation against the Yen, maintaining support at the 20-day SMA after reaching the highest level since June 2007 on Thursday.
Daily chart indicators are trending downwards, suggesting potential additional consolidation in the next sessions.
Attempts to retest the 97.00 level are projected, but a break above this resistance seems improbable.

Patricio Martín FXStreet

Friday records an extended consolidation phase for the NZD/JPY pair, maintaining its level after reaching the multi-year highs logged earlier the week. The technical landscape evidences the continuation of the consolidation phase, possibly constricting the pair's upside movements under the psychological resistance level of 97.00.

The daily Relative Strength Index (RSI) for NZD/JPY stands at 57, retracing slightly downwards and hinting at a decrease in the bullish momentum. The Moving Average Convergence Divergence (MACD) persists in printing flat red bars, reinforcing the notion of ongoing consolidation.

NZD/JPY daily chart

The uninterrupted presence of buyers above the 20-day Simple Moving Average (SMA) implies a concerted effort to uphold the bullish trend. That said, the exhaustion signal observed in the daily technical indicators underscores the market's need for additional consolidation after the significant bounce to 96.00 since May. The forthcoming trading sessions may see the pair oscillate between the support level of 95.00 and the resistance level of 97.00 as the pair ranks among the highest since June 2007.

The longer-term 100-day and 200-day SMAs established around 90.00 - 92.00 continue to safeguard the overall bullish outlook of the pair. Moreover, the 95.30 area also provides notable support against potential losses.

NZD/JPY

Overview
Today last price	96.58
Today Daily Change	-0.27
Today Daily Change %	-0.28
Today daily open	96.85

Trends
Daily SMA20	96.14
Daily SMA50	93.92
Daily SMA100	92.56
Daily SMA200	90.86

Levels
Previous Daily High	97.22
Previous Daily Low	96.56
Previous Weekly High	96.86
Previous Weekly Low	95.27
Previous Monthly High	96.74
Previous Monthly Low	90.83
Daily Fibonacci 38.2%	96.82
Daily Fibonacci 61.8%	96.97
Daily Pivot Point S1	96.53
Daily Pivot Point S2	96.22
Daily Pivot Point S3	95.87
Daily Pivot Point R1	97.19
Daily Pivot Point R2	97.54
Daily Pivot Point R3	97.85

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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