NZD/JPY Price Analysis: Steady around 76.00 courtesy of positive market sentiment

The NZD/JPY advances 0.49% as the North American session ends.
Mixed NZ macroeconomic data kept the exchange rates unchanged.
The NZD/JPY path of least resistance is downwards, though the daily close above 76.00 opened the door for a leg-up towards 77.00.

Christian Borjon Valencia FXStreet

The NZD/JPY climbs as the Asian Pacific session begins, though it faces strong resistance around the 76.00-20 area. At the time of writing, the NZD/JPY is trading at 76.13. Tuesday’s market sentiment was upbeat, as portrayed by US equities finishing in the green. In the Asian Pacific region, equity futures point to a higher open.

NZD/JPY Price Forecast: Technical outlook

On Tuesday, in the Asian session, the NZD/JPY seesawed around the 75.50-75 range. However, in the North American session, a positive market mood spurred a rally towards 76.20. However, positive New Zealand macroeconomic data crossing the wires caused a dip to 76.08 on the pair.

The NZD/JPY remains downward biased. The daily moving averages (DMAs) stay above the spot price, with a downslope, in the case of the 50-DMA. That said, the first support level would be 76.00. A breach of the latter would expose July 20, 2021, daily low at 75.27, followed by August 19, 2021 daily low at 74.56.

Contrarily, in the event of the cross-currency pair holding its ground against JPY bulls, the first resistance would be 76.24. A break above that level could pave the way for further gains. The next resistance would be January 26 daily high at 76.67, followed by January 21 cycle high at 77.05.

NZD/JPY

Overview
Today last price	76.09
Today Daily Change	0.37
Today Daily Change %	0.49
Today daily open	75.72

Trends
Daily SMA20	77.37
Daily SMA50	77.51
Daily SMA100	78.47
Daily SMA200	78.11

Levels
Previous Daily High	76.12
Previous Daily Low	75.44
Previous Weekly High	76.67
Previous Weekly Low	75.24
Previous Monthly High	79.24
Previous Monthly Low	75.24
Daily Fibonacci 38.2%	75.86
Daily Fibonacci 61.8%	75.7
Daily Pivot Point S1	75.4
Daily Pivot Point S2	75.07
Daily Pivot Point S3	74.71
Daily Pivot Point R1	76.08
Daily Pivot Point R2	76.44
Daily Pivot Point R3	76.76

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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