02 Nov 2024

NZD/JPY has exhibited a sideways trading pattern lately, characterized by conflicting signals from technical indicators.

The pair is presently finding support at 90.70, while encountering resistance at 91.90.

Additionally, there are indications of increasing bearish momentum that may pose a risk to the 20-day simple moving average.

The trading activity on Friday revealed that the NZD/JPY pair maintained its sideways trend observed in previous sessions. The pair is characterized by a range-bound movement, lacking any notable upward or downward fluctuations. By the conclusion of the week, the cross experienced a slight increase to 91.20, yet the overall outlook remains neutral.

Technical indicators present a mixed assessment regarding the future trajectory of the NZD/JPY. The Relative Strength Index (RSI) is positioned at 53, suggesting that the pair is in positive territory. The upward trend of the RSI indicates consistent buying pressure. Conversely, the Moving Average Convergence Divergence (MACD) reflects a growing selling pressure, as evidenced by the increasing red bars in the histogram.

Support levels lie at 91.00 (20-day Simple Moving Average (SMA)), 90.70, and 90.50. Conversely, resistance levels are found at 91.30, 91.50, and 91.70. These levels define the range within which the NZD/JPY has been trading recently.