- NZD/JPY is at 89.50 and has seen minor losses as market sentiment is somewhat bearish
- Subdued buying momentum is signaled by the negative gradient of the RSI on the daily chart and the falling green bars of the MACD histogram.
- In a broader context, the pair’s rise above the 20, 100, 200-day SMA indicates bullish control.
In Monday’s session, the NZD/JPY pair traded around 89.50 and suffered modest losses. Indicators reflect that buying momentum is easing after the pair rose to multi-year highs around 2015 last week as investors continue to take profits.
Daily diagram, the negative slope of the relative strength index (RSI), albeit in positive territory, together with the descending green bars of the moving average divergence (MACD), indicate a slowdown in buying momentum. However, the pair’s position above its 20-, 100-, and 200-day simple moving averages (SMA) suggests bulls have a firm grip on the broader outlook, indicating possible resistance in buying pressure.
A brief look at the shorter time frame based on the 4-hour chart view adds a different point of view. A flat slope of the Relative Strength Index (RSI) below its midpoint alongside a declining green-red four-hour moving average divergence (MACD) is hindering selling momentum, suggesting that in the near-term, buyers may retreat. in.
Support levels: 89.10, 88.84 (20-day SMA), 88.50.
Resistance levels: 89.70, 90.00, 90.30.