- NZD/JPY fell 0.40% on Friday and closed with a weekly gain of 0.40%.
- Buyers remain on the sidelines after driving the pair to multi-year highs this week.
- Indicators lose momentum on the daily chart.
In Friday’s session, the pair NZD/JPY extended its decline towards 89.65 as investors continued to take profits from the rally on Tuesday and Wednesday, which took the pair to its highest level since 2015.
The daily Relative Strength Index (RSI) is pointing south, above the 50 midpoints, while the Moving Average Convergence Divergence (MACD) prints lower green bars, evidencing that buyers are taking a breather. On the four-hour chart, the bearish momentum is not as present, and the RSI and MACD are starting to rise after being weak during the session. However, it seems that the pair will continue to consolidate.
That said, the crossover sits above the 20,100 and 200-day SMAs, indicating that the overall trend is currently favoring the NZD.
Support levels: 89.25, 89.00, 88.60 (20-day SMA).
Resistance levels: 90.00, 90.30, 91.20.
NZD/JPY Daily Chart
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Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
