NZD/JPY Price Analysis: Bulls try to maintain the uptrend despite persisting consolidation
Source Fxstreet
- 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.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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