NZD/JPY Price Analysis: Bulls try to maintain the uptrend despite persisting consolidation

Source Fxstreet
Jun 17, 2024 19:53
  • The consolidation phase extends as the Kiwi witnesses difficulty against the Yen.
  • Indicators on the daily chart trend downwards, indicating potential for further consolidation in the upcoming sessions.
  • Retesting the 97.00 level could be on the cards, but a break above this resistance appears unlikely due to weak buying traction.

On Monday, the NZD/JPY pair extended its consolidation phase after hitting a multi-year high last week. The technical landscape suggests that sellers may have their chance as consolidation continues, potentially limiting the pair's upward movement under the key resistance level of 97.00. However, the 20-day Simple Moving Average (SMA) is holding as strong support and bulls continue to defend it.

The daily Relative Strength Index (RSI) for NZD/JPY now stands at 60, indicating a slight retracement downwards and a decrease in the bullish momentum. The Moving Average Convergence Divergence (MACD) continues to print rising red bars, indicating an ongoing consolidation phase.

NZD/JPY daily chart

Buyers continue to maintain their stand above the 20-day Simple Moving Average (SMA), demonstrating an effort to uphold the bullish trend. Regardless, the downturn observed in the daily technical indicators points towards the market's need for further consolidation after the significant leap to nearly 96.00 since May.

The upcoming trading sessions might witness the pair movings between the support level of 95.00 and the resistance level of 97.00 as this pair remains among the tallest since June 2007. Notably, the bears have struggled twice consecutively to breach the 20-day SMA at 96.20, making it unlikely for the downtrend to continue The longer-term 100-day and 200-day Simple Moving Averages (SMAs), established roughly around 90.00 - 92.00, continue to protect the overall bullish aspect of the pair. The area around 95.30 also offers substantial support against potential losses.

 

NZD/JPY

Overview
Today last price 96.69
Today Daily Change 0.04
Today Daily Change % 0.04
Today daily open 96.65
 
Trends
Daily SMA20 96.2
Daily SMA50 94.03
Daily SMA100 92.63
Daily SMA200 90.91
 
Levels
Previous Daily High 97.25
Previous Daily Low 96.1
Previous Weekly High 97.25
Previous Weekly Low 95.62
Previous Monthly High 96.74
Previous Monthly Low 90.83
Daily Fibonacci 38.2% 96.54
Daily Fibonacci 61.8% 96.81
Daily Pivot Point S1 96.08
Daily Pivot Point S2 95.52
Daily Pivot Point S3 94.93
Daily Pivot Point R1 97.24
Daily Pivot Point R2 97.82
Daily Pivot Point R3 98.39

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Dogecoin Whales Fill Up Bags As DOGE Price Dips 5%On-chain data shows the Dogecoin whales have gone on a buying spree while the memecoin’s price has declined in the last 24 hours.
Author  NewsBTC
On-chain data shows the Dogecoin whales have gone on a buying spree while the memecoin’s price has declined in the last 24 hours.
placeholder
Biden dropping re-election bid a question of when, not if- TD CowenInvesting.com-- President Joe Biden is likely to drop his bid for reelection, TD analysts said in a note, amid growing concerns over his health and whether he will be able to effectively run against R
Author  Investing.com
Investing.com-- President Joe Biden is likely to drop his bid for reelection, TD analysts said in a note, amid growing concerns over his health and whether he will be able to effectively run against R
placeholder
Bitcoin Weekly Forecast: Will BTC continue its bullish momentum?Billionaire investor Mark Cuban took to Twitter on Wednesday to discuss Silicon Valley's increasing support for former President Trump, describing it as a strategic "bitcoin play."
Author  FXStreet
Billionaire investor Mark Cuban took to Twitter on Wednesday to discuss Silicon Valley's increasing support for former President Trump, describing it as a strategic "bitcoin play."
placeholder
Asian stocks fall as US-China jitters persist; TSMC sparks little cheerInvesting.com-- Most Asian stocks fell on Friday amid persistent concerns over a renewed trade war between the U.S. and China, while positive earnings from TSMC did little to stop a rout in technology stocks.
Author  Investing.com
Investing.com-- Most Asian stocks fell on Friday amid persistent concerns over a renewed trade war between the U.S. and China, while positive earnings from TSMC did little to stop a rout in technology stocks.
placeholder
Oil prices dip on China demand concerns, set for weekly lossInvesting.com-- Oil prices fell in Asian trade on Friday, and were headed for a weekly loss amid persistent concerns over slowing demand in top importer China, while sentiment was also dented by conce
Author  Investing.com
Investing.com-- Oil prices fell in Asian trade on Friday, and were headed for a weekly loss amid persistent concerns over slowing demand in top importer China, while sentiment was also dented by conce
goTop
quote