NZD/JPY bulls take a breather after getting rejected at cycle highs

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  • NZD/JPY sees a 0.20% uptick, hovering around 90.60 after getting rejected at the cycle high 91.20.
  • Indicators on the shorter time frames suggest that the bears are stepping in.
  • The bullish trend is intact on a broader scale.

In Wednesday's session, the NZD/JPY is trading at 90.60, modestly higher by 0.20%, retreating from a cycle high of 91.20. The pair's trajectory remains neutral to bullish on the daily chart, as bulls seem to be taking a hiatus after being rebuffed twice at cyclical peaks. On the four-hour chart, indicators suggest that bears are subtly reclaiming influence.

Daily chart indicators reflect a relatively flat yet bullish posture for the NZD/JPY. The Relative Strength Index (RSI) is in positive territory but flat, indicating a minor cooldown in the bullish momentum, perhaps due to the bulls taking a little breather following their pronounced exertions. The Moving Average Convergence Divergence (MACD) histogram echos this sentiment with flat green bars, hinting at sustained but static buying momentum.

Simultaneously, a broader outlook presents an optimistic case. This is captured by the positioning of the pair in relation to its three key Simple Moving Averages (SMAs): the 20-day, 100-day, and 200-day, respectively. 

However, switching to the four-hour chart uncovers signs of increasing bearish momentum. Here, the Relative Strength Index (RSI) reveals a negative slope despite being in the positive territory - indicative of the bears ramping up their might. Concurrently, printing read bars, the Moving Average Convergence Divergence (MACD)  suggests that the bears are gaining momentum.

Support Levels: 89.85 (20-day SMA), 89.30, 89.00.
Resistance Levels: 91.00, 91.20, 91.30.


NZD/JPY daily chart

 

NZD/JPY

Overview
Today last price 90.62
Today Daily Change 0.22
Today Daily Change % 0.24
Today daily open 90.4
 
Trends
Daily SMA20 89.75
Daily SMA50 88.89
Daily SMA100 87.97
Daily SMA200 86.35
 
Levels
Previous Daily High 90.71
Previous Daily Low 90.34
Previous Weekly High 91.03
Previous Weekly Low 89.19
Previous Monthly High 89.93
Previous Monthly Low 86.78
Daily Fibonacci 38.2% 90.48
Daily Fibonacci 61.8% 90.57
Daily Pivot Point S1 90.26
Daily Pivot Point S2 90.12
Daily Pivot Point S3 89.9
Daily Pivot Point R1 90.63
Daily Pivot Point R2 90.85
Daily Pivot Point R3 90.99

 

 

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