The NZD/JPY cross has been on an upward trend, reaching new cycle highs above 97.00. This positive movement continued on Thursday as the cross surpassed the previous resistance level and set a fresh cycle high. The daily chart shows strong resilience, indicating a potential for the upward trend to persist.
Earlier in the week, support around the 20-day Simple Moving Average (SMA) at 96.30 proved to be robust, with buyers quickly stepping in to prevent the sellers from breaking below this level. The daily Relative Strength Index (RSI) for NZD/JPY is currently at 62, showing an increase from the previous day and overall positive momentum. Additionally, the Moving Average Convergence Divergence (MACD) is displaying decreasing red bars today, suggesting a decrease in selling pressure.
The bulls are determined to maintain their position above the 20-day SMA, demonstrating the technical strength of the Kiwi over the Yen. The inability of sellers to breach the 96.30 mark in three consecutive attempts has bolstered the momentum of buyers, leading to the climb to new highs.
Looking ahead, the NZD/JPY cross may fluctuate between immediate support at 97.00 and resistance at 98.00 in the upcoming trading sessions. Monitoring the breach above the current consolidation range or a drop below the 20-SMA level could provide insights into future price movements.
It’s important to note that the information provided contains forward-looking statements and involves risks and uncertainties. The content is for informational purposes only and should not be considered as a recommendation to buy or sell any assets. Conduct thorough research before making any investment decisions to mitigate risks.
In summary, the NZD/JPY cross is showing strength with the potential for the upward trend to continue. Traders should stay alert to key support and resistance levels for possible trading opportunities in the market.
