The NZD/JPY currency pair saw a slight increase to 89.95 in Friday’s trading session. Technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are showing signs of market stability.
With the RSI hovering near neutral territory, there is a balance between buying and selling forces in the market. The MACD is displaying flat green bars, indicating that momentum is stabilizing.
The pair is currently consolidating below the 90.00 mark, with the 89.00 support and 90.20 resistance levels defining a trading range. Low volume suggests a lack of decisive buying or selling pressure.
If the pair breaks above 90.20, it could signal a bullish continuation towards 90.50 and 91.00. Conversely, a break below 89.00 may lead to a bearish movement towards 88.50 and 88.00.
Analysis:
The NZD/JPY currency pair is showing signs of stability as technical indicators point towards a balanced market sentiment. Traders should keep an eye on the 90.20 resistance level for potential bullish opportunities, while being cautious of a break below 89.00 for bearish signals. Understanding these key levels can help traders make informed decisions and navigate the market effectively.