NZD/JPY Price Forecast: Cross extends recovery, three-day winning streak
- NZD/JPY consolidates sideways as technical indicators show mixed signals.
- The RSI is near the oversold terrain but rising, while the MACD shows decreasing red bars.
- Volume has been decreasing, indicating that selling pressure may be easing.
The NZD/JPY pair traded sideways on Thursday, consolidating above the 88.00 level. The pair has been in a downtrend since early August, but it has found some support at the 88.00 level. The Relative Strength Index (RSI) is currently at 31, which is slightly oversold. The Moving Average Convergence Divergence (MACD) is also showing signs of a potential reversal, with decreasing red bars. Additionally, the pair's volume has been decreasing in recent sessions, which could indicate that the selling pressure is easing.
NZD/JPY daily chart
The NZD/JPY pair is consolidating above the 87.00 level, and the bulls are attempting to push the pair towards the 90.00 zone. If the bulls are successful, it could open the door to further gains towards the 91.00 zone. However, if the bears manage to push the pair below the 87.00 level, it could lead to a deeper correction.
Author
Patricio Martín
FXStreet
Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.
