NZD/JPY Price Analysis: Bullish strength persists, additional corrective pullbacks are possible

Source Fxstreet
Apr 23, 2024 19:44
  • The daily chart for NZD/JPY reveals continuing bullish momentum, with indicators in positive terrain.
  • The hourly indicators are correcting overbought conditions.

The NZD/JPY tallied daily gains on Tuesday’s session and rose to 91.78. The pair maintains a solid footing above all main Simple Moving Averages (SMAs), which may signal additional strength despite intra-day pull-backs seen during the American session. Indicators remain strong on the daily chart but the hourly ones are losing traction as they are correcting overbought conditions.

On the daily chart, the Relative Strength Index (RSI) for the NZD/JPY has been trending positively within the positive territory. The Moving Average Convergence Divergence (MACD) histogram also displays increasing green bars, indicating bullish momentum.

NZD/JPY daily chart

On the hourly chart, the RSI shows a reading of 68 but points south which reveals that buyers seem to be taking a breather as they hit overbought conditions earlier in the session. The hourly MACD, similar to the daily chart, also prints green bars, suggesting an ongoing upward trajectory.

NZD/JPY hourly chart

Looking at the bigger picture, the NZD/JPY remains favourably positioned above its relevant Simple Moving Average (SMA) metrics, these being the 20, 100, and 200-day time horizons. However, ahead of the Asian session the pair may see further pullbacks as indicators start to lose traction on the hourly chart. One the other hand, the daily RSI and MACD remain strong and unless the bears conquer the 20-day SMA, the outlook will remain positive.

 

NZD/JPY

Overview
Today last price 91.78
Today Daily Change 0.14
Today Daily Change % 0.15
Today daily open 91.64
 
Trends
Daily SMA20 91.11
Daily SMA50 91.43
Daily SMA100 90.67
Daily SMA200 89.38
 
Levels
Previous Daily High 91.69
Previous Daily Low 90.95
Previous Weekly High 91.62
Previous Weekly Low 89.96
Previous Monthly High 92.2
Previous Monthly Low 90.17
Daily Fibonacci 38.2% 91.41
Daily Fibonacci 61.8% 91.23
Daily Pivot Point S1 91.16
Daily Pivot Point S2 90.69
Daily Pivot Point S3 90.43
Daily Pivot Point R1 91.9
Daily Pivot Point R2 92.16
Daily Pivot Point R3 92.64

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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