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17 Jan 2024

NZD/JPY Price Analysis: Bulls stay firm and hold above the 20-day SMA

  • The NZD/JPY rose by 0.20% towards 90.47.
  • Indicators on the daily chart suggest that the bulls are holding strong.
  • The Yen was one of the worst-performing currencies in the session.
  • The SMAs indicate firm control of bulls over the longer term.

In Wednesday's session, the NZD/JPY was seen trading at 90.47, showing modest gains of 0.20%. Despite a neutral to bullish outlook on the daily chart, bulls maintain a tenacious grip. With sellers momentarily silenced, the buyers also dominate the four-hour chart, albeit taking a breather, hinting at the possibility of further upside momentum.

The daily chart reveals a somewhat balanced playing field in the market but tilted to the upside. The Relative Strength Index (RSI) portrays an upward trajectory within the positive territory, indicating an increasing buying momentum. Simultaneously, the Moving Average Convergence Divergence (MACD) shows flat green bars, suggesting a flat momentum with a bullish bias. In the meantime, the pair is trading above the 20, 100, and 200-day Simple Moving Averages (SMAs), confirming that the bullish sentiments may still hold in the larger time frame despite some negative waves in the short run. In essence, the overall daily technical patterns exhibit a scenario where the bulls hold their ground and have a slight upper hand over the sellers.

Moving toward the four-hour chart, the pictures are similar. The RSI appears flat but remains positive, unveiling a short-term stagnancy in buying pressure lining with the MACD. Although the bulls are taking a breather at this juncture, they still seem to maintain control.

NZD/JPY technical levels

NZD/JPY daily chart

 

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