- NZD/JPY has been trending sideways lately, with mixed signals from technical indicators.
- The pair is currently supporting at 90.70 and facing resistance at 91.90.
- There are some signs of a bearish rally that could threaten the 20-day SMA.
Friday’s trading saw a continuation of the NZD/JPY pair’s sideways move from previous sessions. The pair shows a range-bound pattern, with no significant jumps up or down. At the end of the week, the rate rose slightly to 91.20, but the outlook remains neutral.
Technical indicators are providing mixed signals on the future direction of the NZD/JPY pair. The relative strength index (RSI) is 53, which indicates positive territory for this pair. The upward slope of the RSI suggests continued buying pressure. However, the Moving Average Convergence Divergence (MACD) is showing signs of increasing selling pressure, as evidenced by the rising red bars on the histogram.
Support levels are 91.00 (20-day basic moving average (SMA)), 90.70, and 90.50. On the other hand, resistance levels are located at 91.30, 91.50 and 91.70. These levels define the range in which the NZD/JPY rate has recently traded.
