NZD/JPY Price Analysis: Hits a fresh YTD high at around 87.90s

An upbeat sentiment bolstered the New Zeland Dollar to fresh yearly highs vs. the Japanese Yen.
NZD/JPY: A decisive break above 87.93 could open the door above 88.00; otherwise, a fall towards 87.00 is likely.

Christian Borjon Valencia FXStreet

The New Zealand Dollar (NZD) reached a fresh 52-week high around 87.93 during Monday’s trading session, courtesy of a risk-on impulse, which bolstered risk-perceived currencies to the detriment of the Japanese Yen (JPY). At the time of writing, the NZD/JPY is trading at 87.80.

NZD/JPY Price Analysis: Technical outlook

The NZD/JPY hit a fresh YTD high of 87.93 on Monday, invalidating a previous double-top formation that emerged in November 2022. The cross-currency pair remains upward biased, though the Relative Strength Index (RSI) at bullish territory turned flat, while the Rate of Change (RoC) depicts buyers losing momentum.

In the near term, the NZD/JPY 1-hour chart illustrates the pair is upward biased, though a negative divergence between price action and the Relative Strength Index (RSI) suggests sellers are moving in. Additionally, the Rate of Change (RoC) shows that buying pressure is fading. Hence, the NZD/JPY first support would be the daily pivot point at 87.69. A breach of the latter will expose the intersection of the S1 pivot point and the 50-Exponential Moving Average (EMA) at 87.44, followed by the 100-EMA at 87.19 and the S2 pivot point at 87.04.

NZD/JPY Key Technical Levels

NZD/JPY

Overview
Today last price	87.82
Today Daily Change	0.11
Today Daily Change %	0.13
Today daily open	87.71

Trends
Daily SMA20	86.44
Daily SMA50	85.27
Daily SMA100	85.03
Daily SMA200	84.5

Levels
Previous Daily High	87.71
Previous Daily Low	86.74
Previous Weekly High	87.71
Previous Weekly Low	85.77
Previous Monthly High	87.46
Previous Monthly Low	83.86
Daily Fibonacci 38.2%	87.34
Daily Fibonacci 61.8%	87.11
Daily Pivot Point S1	87.06
Daily Pivot Point S2	86.42
Daily Pivot Point S3	86.09
Daily Pivot Point R1	88.03
Daily Pivot Point R2	88.35
Daily Pivot Point R3	89

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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