NZD/JPY nudges upwards and hits one-month high

The NZD/JPY rose to 90.30, seeing 0.25% gains.
Daily chart indicators hint at sustained buying momentum; RSI in positive territory alongside a rising MACD histogram.
Four_hour_chart indicators flattened and suggested consolidation of upward movements.

In Friday’s session, the NZD/JPY pair traded up to a high of 90.50, its highest since early December, and then consolidated towards 90.30, marking a gain of 0.25%. Bulls are seemingly gaining ground in the daily chart as it portrays a bullish outlook. Meanwhile, the four-hour indicators seem to be consolidating the upward movement, suggesting a pause in the dominant buying activity.

The indicators on the daily chart reflect a substantial buying momentum. The Relative Strength Index (RSI) is in positive territory with an upward inclination, signifying increasing buyer strength. Advancing green bars of the Moving Average Convergence Divergence (MACD) complement this positive outlook, further indicating a growing uptrend. Complementing this bullish prognosis is the pair’s position above all of the Simple Moving Averages (SMAs) – 20, 100, and 200-day periods, which corroborates that the uptrend is under the solid control of the bulls in a broader context.

Switching to a shorter time frame, the four-hour chart paints a more consolidated image of the market. Although the Relative Strength Index (RSI) remains in positive territory, it has leveled off to a steady flat position, indicating that the buying momentum might be taking a pause. Concurrently, the green bars in the Moving Average Convergence Divergence (MACD) continue to rise, suggesting an ongoing but slowing upward trajectory. This mix of signals on the shorter time frame suggests that while the upward momentum still holds, the market might be taking a breather before making the next move.

NZD/JPY technical levels

NZD/JPY daily chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : FXStreet – https://www.fxstreet.com/news/nzd-jpy-nudges-upwards-and-hits-one-month-high-202401052139