The NZD/JPY pair saw a slight rebound in Wednesday’s session, reaching 90.20. Technical indicators suggest a potential bullish breakout in the near term, with buyers waiting for a catalyst to test the 90.50 resistance level.
The Relative Strength Index (RSI) is on the rise, currently at 49 in neutral territory, indicating growing buying pressure. This signals a possible continuation of the upward movement towards the 90.50 resistance. The Moving Average Convergence Divergence (MACD) also shows a neutral stance, with flat green bars indicating steady bullish momentum.
NZD/JPY Daily Chart
With the pair gaining strength and the RSI trending upwards, it may trade within the 89.20-90.50 channel. A breakthrough above these levels could set the tone for the short term.
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Analysis:
The NZD/JPY pair has shown signs of bullish momentum, with technical indicators pointing towards a potential uptrend. Traders should keep an eye on the 90.50 resistance level as a breakout above it could lead to further gains. It is important to monitor market developments and upcoming catalysts to gauge the pair’s future direction.