NZD/JPY Price Analysis: Kiwi drops but remains near the 97.00 level

The Kiwi records losses against the Yen but the outlook remains strong.
Daily chart indicators display resilience, suggesting a potential continuation of the upward trend.

Patricio Martín FXStreet

During Wednesday's session, the NZD/JPY pair experienced a mild setback, dropping below the 97.00 point. Nonetheless, the 20-day Simple Moving Average (SMA) at 96.30 demonstrated its resilience once again at the start of the week, effectively staving off the sellers' attempts to breach it.

The daily Relative Strength Index (RSI) for NZD/JPY now registers 61, indicating a decrease from Tuesday's standpoint but still showcasing an overall positive momentum. Conversely, the Moving Average Convergence Divergence (MACD) displays static red bars, suggesting a steady selling pressure.

NZD/JPY daily chart

The buyers, in a show of persistence, continue to maintain their positions above the 20-day Simple Moving Average (SMA), reinforcing the bullish trend's sustainability. The persistence of the daily technical indicators suggests a determination among market players to bring an end to the consolidation phase and buyers appear to be making a comeback following a short retreat.

Upcoming trading sessions may see the pair navigate between support levels at 96.30 (20-day SMA) and the resistance level at 97.00.

NZD/JPY

Overview
Today last price	96.9
Today Daily Change	-0.08
Today Daily Change %	-0.08
Today daily open	96.98

Trends
Daily SMA20	96.35
Daily SMA50	94.23
Daily SMA100	92.76
Daily SMA200	91.01

Levels
Previous Daily High	97.02
Previous Daily Low	96.36
Previous Weekly High	97.25
Previous Weekly Low	95.62
Previous Monthly High	96.74
Previous Monthly Low	90.83
Daily Fibonacci 38.2%	96.77
Daily Fibonacci 61.8%	96.61
Daily Pivot Point S1	96.55
Daily Pivot Point S2	96.12
Daily Pivot Point S3	95.88
Daily Pivot Point R1	97.22
Daily Pivot Point R2	97.46
Daily Pivot Point R3	97.89

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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