NZD/JPY Price Analysis: Mixed outlook, sideways movement to continue in the near term

The NZD/JPY pair has been trading sideways, with a slight downward bias, over the last sessions.
The RSI is in the negative area, but the slope is rising, suggesting that buying pressure is recovering.

Patricio Martín FXStreet

Thursday's session saw the NZD/JPY pair rise by 0.50% to 87.70. Despite the uptick, the pair has been trading sideways, with a slight downward bias, over the last sessions. The overall technical outlook is mixed, and the pair is likely to continue trading sideways in the near term.

The RSI is currently at 37, which is in the negative area. However, the slope of the RSI is rising sharply, which suggests that buying pressure is recovering. The MACD histogram is currently flat and red, which suggests that selling pressure is flat. The overall outlook for the NZD/JPY is mixed, and the pair is likely to continue trading sideways in the near term.

NZD/JPY daily chart

Supports to the downside are located at 87.00, 86.00, and 85.00, while resistances are seen at 88.00, 89.00, and 90.00.

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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