NZD/JPY sees slight gains and recovers 100-day SMA, bears take a breather

The NZD/JPY hovers around 88.40, marking a gain of 0.30% after recent bearish pressure.
Key indicators gain ground, but bears are still in command in the short term.
Despite short-term hurdles, evident by residing below the 20-day SMA, the NZD/JPY pair remains within bullish controls in a larger context.

Patricio Martín FXStreet

In Friday's session, the NZD/JPY made slight gains to 88.40 after dipping 1.30% over the past two days. Although the pair's daily chart reflects a neutral to bearish trend, buyers seem to have control of larger time frames. Meanwhile, the four-hour chart's indicators hint at a bolstering buying momentum, suggesting more upward movements in the next sessions.

On the daily chart view, the indicators send conflicting signals. Even though the pair is trading below the 20-day Simple Moving Average (SMA), hinting at a sense of weakness in the short-term perspective, it is holding position above both the long-term 100 and 200-day SMAs. This suggests that the bullish forces have the upper hand within the broader context. Nonetheless, the bears aren't ceding control so easily - their effort in the last two sessions has seen the pair take a 1.30% dip. The flat Moving Average Convergence Divergence (MACD) and the positively sloping, yet still below its middle point, Relative Strength Index (RSI) underline a rising buying momentum, but one where the bulls need to push harder to assert their control in the short term.

Moving to the four-hour chart, the indicators continue to reflect the same situation broadly. The Relative Strength Index (RSI) remains in the negative zone but its positive gradient suggests a potential for an upward shift in momentum. However, the MACD showing flat red bars emphasizes the need for a stronger surge from the buyers to set off a solid uptrend.

NZD/JPY daily chart

NZD/JPY

Overview
Today last price	88.37
Today Daily Change	0.30
Today Daily Change %	0.34
Today daily open	88.07

Trends
Daily SMA20	89.94
Daily SMA50	89.19
Daily SMA100	88.25
Daily SMA200	86.69

Levels
Previous Daily High	88.8
Previous Daily Low	87.76
Previous Weekly High	91.16
Previous Weekly Low	87.69
Previous Monthly High	91.38
Previous Monthly Low	87.56
Daily Fibonacci 38.2%	88.16
Daily Fibonacci 61.8%	88.41
Daily Pivot Point S1	87.61
Daily Pivot Point S2	87.16
Daily Pivot Point S3	86.57
Daily Pivot Point R1	88.66
Daily Pivot Point R2	89.26
Daily Pivot Point R3	89.71

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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