NZD/JPY Price Analysis: Pair resumed losses, remains sideways in range, neutral outlook

The cross saw a decline of 0.71% in Thursday’s session.
NZD/JPY remains range-bound between 90.00 and 92.00, with selling pressure weighing.
Until a decisive breakout occurs either way, the cross is set to continue sideways trading.

Patricio Martín FXStreet

The NZD/JPY resumed losses on Thursday, declining by 0.71% to 90.60, but remains range-bound between 90.00 and 92.00.

The daily Relative Strength Index (RSI) stands bearish at 45, while the Moving Average Convergence Divergence (MACD) histogram remains red and flat, indicating a soft but steady selling pressure. Until a decisive breakout occurs, the cross is expected to continue its sideways trading pattern but with indicators showing that there is no clear dominant the outlook remains neutral.

The bulls task will be to conquer the 20 and 100-day Simple Moving Average convergence which stands within the defined range. A close above would improve the outlook.

NZD/JPY daily chart

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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