The NZD/JPY pair has been on a strong bullish run this week, with a 2% gain on Wednesday pushing towards 88.00, indicating a resurgence of bullish activity. The technical indicators further support this upward movement.
The Moving Average Convergence Divergence (MACD) indicator shows bullish signs, with the histogram turning positive. Additionally, the Relative Strength Index (RSI) is trending upwards, although still in oversold territory.
NZD/JPY Daily Chart Analysis
The pair is currently consolidating above the 87.00 level, with bullish momentum aiming for the 90.00 zone. If successful, this could lead to further gains towards 91.00. However, a break below 87.00 could signal a deeper correction towards the 86.00 – 85.00 zone.
Overall, the technical indicators and price action suggest that the bulls are in control of the NZD/JPY pair, with the potential for further gains in the near future.