NZD/JPY rises to fresh highs since early December, consolidation incoming
- NZD/JPY pair currently posts minor losses at 90.70.
- Daily RSI hovers in the bullish area while the MACD's histogram exhibits signs of slowing buyer momentum.
- Indicators in the four-hour chart are decelerating.
On Thursday's session, the NZD/JPY pair is observed at around 90.70, registering slight losses after hitting high of around 91.00. The daily chart signals a bullish sentiment as bulls are gaining ground, while the four-hour chart presents consolidating indicators, suggesting a potential breather in the NZD/JPY's rally.
An examination of the daily chart reveals a long-term bullish momentum for the cross. The pair is situated above all its key Simple Moving Averages (SMAs) comprising the 20, 100, and 200-day SMAs. Furthermore, the Relative Strength Index (RSI) is exhibiting a stable performance within the positive precincts, while the Moving Average Convergence Divergence (MACD) highlights green bars, albeit in a stationary phase.
Shifting to the shorter time frame, pointers from the four-hour chart narrate a somewhat different tale, with a consolidation phase currently underway. The Relative Strength Index (RSI) remains within positive territory but with a declining trajectory. In unison, the Moving Average Convergence Divergence (MACD) flaunts flat, inviting green bars. These characteristics indicate some level of buying momentum but are constrained as investors seem to be taking profits.
NZD/JPY Levels to watch
NZD/JPY Daily chart
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Author
Patricio Martín
FXStreet
Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.
