The NZD/JPY currency pair moved a bit higher on Friday. It touched 88.90 and managed to keep its recent upward momentum.
MACD Signals Cautious Optimism
The Moving Average Convergence Divergence (MACD) bars are still green. But they have flattened. This indicates cautious optimism even though there are still downside risks hanging around.
RSI Enters Positive Territory
The Relative Strength Index (RSI) has gone up to 51. It has entered the positive territory, which shows that buyers are starting to come back, though a bit tentatively.
NZD/JPY’s Gain and Recovery Effort
The NZD/JPY added 0.20% on Friday. It climbed to 88.90 and is building on the gains it got since it broke above its 20-day Simple Moving Average (SMA). This happened after it had lost a significant amount of ground when it broke out from a sideways trading range between 90.00 and 92.00. It shows that the pair is trying hard to get back on its feet.
Technical Indicator Details
Under the hood, the RSI has shifted to 51, just inside the positive zone. This hints at a mild increase in buying interest. Meanwhile, the MACD histogram is still above zero but has flattened out. This suggests that the bullish momentum might need an extra push to really take off.
Outlook for NZD/JPY
Looking ahead, if the pair closes firmly above the 20-day SMA, it could help make the recovery stronger. It might then target resistance points that are closer to 90.00. However, if the pair falls back below this moving average, NZD/JPY could once again be at risk of facing more selling pressure.
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