NZD/JPY Price Analysis: Uptrend remains strong, with minor pullbacks possible

  • The daily RSI shows bullish traction, while a positive MACD suggests increasing momentum.
  • On the hourly chart, the same indicators point to possible short-term pullbacks due to minor negative momentum.
  • Despite a bullish overall outlook, buyers need to defend the short-term SMAs and defend them to avoid potential losses.

The NZD/JPY pair is trading at 91.79, up 0.25%. It is currently showing a strong bullish trend, with reinforced buying momentum as it is positioned comfortably above its main simple moving average (SMA). The indicators are holding firm on the daily chart, while the hourly indicators could be hinting at an imminent consolidation.

On the daily chart, the Relative Strength Index (RSI) is comfortably in positive territory, suggesting that buying pressure outweighs selling pressure. On the other hand, the moving average convergence divergence (MACD) shows ascending green bars, an indication of growing buying momentum.

NZD/JPY daily chart

On the hourly chart, a similar trend is observed. The RSI took a hard hit during the American session and appears to be slowly recovering. The hourly MACD, however, features red bars, hinting at possible short-term negative momentum. Therefore, day traders should proceed with caution.

NZD/JPY hourly chart

Looking at the bigger picture, NZD/JPY maintains its position above the 20-day, 100-day and 200-day SMAs, indicating sustained long-term buying pressure. Therefore, both the short-term and long-term technical outlook for the pair seem to point to an uptrend. In summary, while the hourly MACD reveals slight negativity that may produce some temporary pullbacks, the overall trend for the crossover on both the daily and longer-term chart is bullish.

NZD/JPY

Overview
Latest price today 91.94
Today Daily change 0.37
Today Daily variation % 0.40
Today daily opening 91.57
Trends
daily SMA20 90.95
50 daily SMA 91.25
SMA100 daily 90.6
SMA200 Journal 89.23
Levels
Previous daily high 91.64
Previous daily low 91.01
Previous weekly high 91.7
Previous weekly low 90.11
Previous Monthly High 92.2
Previous monthly low 90.17
Daily Fibonacci 38.2 91.4
Fibonacci 61.8% daily 91.25
Daily Pivot Point S1 91.17
Daily Pivot Point S2 90.77
Daily Pivot Point S3 90.54
Daily Pivot Point R1 91.81
Daily Pivot Point R2 92.04
Daily Pivot Point R3 92.44

Source: Fx Street

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