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CFD Trading Rate New Zealand Dollar vs Japanese Yen (NZDJPY)

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  • 22.02.2024 22:09
    NZD/JPY Price Analysis: Bulls maintain dominance, overbought conditions may fuel a correction
    • The NZD/JPY rose by 0.52% during Thursday's session to 93.34.
    • The daily RSI of the NZD/JPY signals overbought conditions, indicating a strong buying momentum with possibilities of a near correction.
    • On the hourly chart, indicators are consolidating, making it a deviation from the overbought vibe of the daily chart.

    In Thursday’s session, the NZD/JPY rose to 93.34, rallying by 0.52% reaching its highest level since 2015. It appears that buyers have predominantly influenced recent trends, causing the pair to enter an overbought territory with a Relative Strength Index (RSI) above 70 on the daily chart. While the persistent uptrend remains unbroken, caution might be advisable due to the over-extended buying movements which could use a healthy correction.

    Meanwhile, the daily Moving Average Convergence Divergence (MACD) histogram continues to print green bars, indicating positive momentum in the short term. This underscores the powerful buying activity that has driven the pair into overbought territory.

    In contrast, the hourly chart displays the RSI within a healthy 50-70 range, foreshadowing a potential short-term cooling off or consolidation period. Likewise, a slowdown in the robust buying momentum is suggested by the flat red hourly MACD histogram bars. However, the broader uptrend remains intact above the 200, 100, and 20-day SMAs on the daily chart.

     

    NZD/JPY daily chart

    NZD/JPY hourly chart

     

  • 21.02.2024 22:08
    NZD/JPY Price Analysis: Bullish momentum dominates, indicators flash overbought conditions
    • The NZD/JPY pair rallied by 0.53% and stands at 92.88 as of Wednesday's session.
    • The daily RSI shows strong buying momentum, reaching overbought conditions.
    • A healthy technical correction may be on the horizon in the next sessions.

    In Wednesday's session, the NZD/JPY was observed trading at 92.88, marking a 0.53% rally in its progress. The pair reveals sustained buying momentum with the Relative Strength Index (RSI), dwelling in the overbought zone indicating that a pullback may be incoming.

    In the daily chart, the Relative Strength Index (RSI) consistently resides in the overbought, and the NZD/JPY pair shows signs of strong buying momentum. Notably, there's been a persistently positive slope, indicating a continued bullish undercurrent. To support this, the Moving Average Convergence Divergence (MACD) histogram is displaying green bars, marking positive momentum. It's been on a steady rise, further underlining the dominance of buyers.

    NZD/JPY daily chart

    Shifting attention to the hourly chart, the RSI hovers flat in both the positive area and the MACD histogram continues to print green bars, alluding to an overall bullish momentum despite interim dips.

    NZD/JPY hourly chart

    Overall, despite the short-term flattening depicted in the hourly chart, the significant bullish signals from the daily RSI and both MACD histograms suggest the pair might adhere to an upward trend. Moreover, the NZDJPY stands above its 20,100,200-day Simple Moving Averages (SMAs), reinforcing the predominance of the bulls. However, traders should consider the possibility of a correction in the next session, to consolidate gains.

     

     

  • 14.02.2024 22:01
    NZD/JPY price analysis: Bullish bias prevails as bears run out of steam
    • The NZD/JPY is currently trading at 91.63, registering gains of 0.32% in Wednesday's session.
    • The daily chart analysis reveals consistent bullish sentiment, with RSI and MACD affirming positive momentum.
    • Hourly indicators also show a dominant bullish bias.

    In Wednesday's session, the NZD/JPY was spotted at 91.63, reflecting a 0.32% gain as bears seem to run out of steam after two sessions of losses..

    Beginning with the daily chart analysis, the Relative Strength Index (RSI) suggests sustained positive sentiment as it consistently lies within the upbeat territory, without stepping into the overbought space. Simultaneously, the MACD histogram prints green bars and shows a rising trend, reinforcing the positive momentum depicted by the RSI. Moreover, the cross maintains its position above the 20,100,200-day Simple Moving Averages (SMAs), signaling continued control by the bulls in large time frames.

    NZD/JPY daily chart

    Shifting towards the hourly analysis, the RSI readings fluctuate around the positive zone, while the MACD histogram continues printing green bars but seems to be flattening and falling into the negative domain. This aligns with the picture painted by the daily indicators, further solidifying the perception of a dominant bullish bias but the MACD leaves the door open for further downside.

    NZD/JPY hourly chart

     

  • 12.02.2024 21:34
    NZD/JPY consolidates gains, diverging RBNZ and BoJ policies stir movements
    • The NZD/JPY trades at 91.567, recording 0.23% losses in Monday's session.
    • The RBNZ is expected to continue hiking, leading to a terminal rate of 6% by April.
    • Markets are betting on a BoJ liftoff by June.

    In Monday's session, the NZD/JPY declined to 91.55 with a slight downtrend of 0.23%. As market participants anticipate diverging strategies between the Reserve Bank of New Zealand (RBNZ) and Bank of Japan (BoJ), NZD/JPY the Kiwi is set for further strengthening as the downside could be explained by investors taking profits and consolidating gains.

    The RBNZ Governor Orr appeared before a parliamentary committee and maintained a hawkish stance, signaling that steady inflation at 4.7% YoY is still above the 2% target and hinting that additional tightening may be appropriate. As for now, the odds of a February hike stand at 33% and rose to 65% by May.

    In addition, as the New Zealand economic climate remains robust, fueling expectations of a more aggressive central bank policy, the slow economic growth and low inflation in Japan could push BoJ towards further easing and delay a lift until June weakening the pair. Key economic indicators and policy announcements from both banks will likely shape the NZD/JPY pair's dynamics substantially, with market participants eyeing upcoming RBNZ and BoJ meetings.

    NZD/JPY technical analysis

    The daily chart's Relative Strength Index (RSI) stands in positive territory, marking descending from overbought regions, aligning with a bullish perspective. This downward slope suggests a slight weakening in buying momentum as buyers take profits and consolidate gains. The Moving Average Convergence Divergence (MACD) histogram prints green bars, indicating that buyers are maintaining control over the market direction.

    In contrast, the hourly RSI paints a slightly negative territory, as it fell to near its 50 middle points while the hourly MACD histogram, on the other hand, prints declining green bars, indicating a building negative momentum.

    Considering the juxtaposition of daily and hourly dynamics, it seems likely that the NZD/JPY pair is following a temporary pullback within a broader bullish trend as it sits above the 20,100,200-day Simple Moving Average (SMA). This suggests a possible dominance of buyers in the larger time frame, despite short-term selling pressure.

    NZD/JPY daily chart

  • 08.02.2024 22:07
    NZD/JPY rallies to multi-month highs due to dovish BoJ
    • The NZD/JPY rose to 91.05 on Thursday, registering a 0.70% rally.
    • The Yen was one of the worst-performing currencies due to dovish BoJ comments.
    • On the four-hour chart, overbought conditions suggest a possible correction in the near term.

    In Thursday's session, the NZD/JPY staged a rally to land at 91.05, buoyed by steady a softening Yen due to the Bank of Japan’s (BoJ) dovish stance. With the daily chart painting a bullish picture, the pair is tipped in favor of the Kiwi as the pair stands at its highest level since November. However, a potential correction looms on the horizon as the four-hour chart indicators strayed into overbought territory.

    In line with that, Deputy Governor Uchida highlighted the unlikelihood of sudden rate hikes which drove markets to bet on a more dovish approach of the BoJ regarding its pivot to a more hawkish policy. For the next sessions, incoming data will be key to dictate the pace of the cross but in case Japan reports negative data, the cross could see further upside as the BoJ won't have incentives to leave its ultra-loose policy.

    NZD/JPY technical analysis

    The technical indicators on the daily chart reflect bullish dominance. Despite a consolidation looming in the immediate term, the cross is trending above its 20, 100, and 200-day Simple Moving Averages (SMAs), indicative of the buyers' stronghold on larger time frames. The rising slope and placement in the upper region of the Relative Strength Index (RSI) also reinforces the continued bullishness. Moreover, the Moving Average Convergence Divergence (MACD) histogram is demonstrating an uptick with the green bars becoming longer, further empowering the buying momentum.

    NZD/JPY daily chart

     

    On the shorter four-hour chart, however, a temporary pullback seems likely. The technical indicators have reached the overbought zone suggesting the possibility of an imminent correction. In this context, the Relative Strength Index (RSI) rose above 70 while the Moving Average Convergence Divergence (MACD) displays rising green bars. Given the intense buying pressure in the shorter time frame, a brief retreat in prices aligns with usual asset behavior after bouts of aggressive purchasing momentum.

     

     

  • 07.02.2024 19:44
    NZD/JPY Price Analysis: Bulls ease from daily highs, outlook still positive
    • The NZD/JPY currently trades at 90.40 posting a 0.23% uptick on the day.
    • The Kiwi found momentum due to strong employment data reported during the Asian session.
    • Daily chart indicators suggest a bullish momentum, with RSI on an upward trajectory in the positive zone and MACD depicting lower red bars.
    • On the hourly chart, indicators hint at a pause in bullish impulse as they start to flatten in a bid to consolidate recent gains.

    In Wednesday's session, the NZD/JPY stabilised at 90.40, after a surge to 90.70 as the pair found traction on the back of promising employment data from New Zealand reported earlier in the session. However, on the hourly chart, investors are moving to consolidate gains so the cross may side-ways trade for the remainder of the session.

    The daily chart indicators reflect a noticeable bullish sentiment. The Relative Strength Index (RSI) reveals a strong buying momentum with its positive slope and presence in the positive territory. Additionally, the Moving Average Convergence Divergence (MACD) strengthens this view by presenting lower red bars indicating growing bullish dynamics. Furthermore, the pair sits comfortably above the 20,100,200-day Simple Moving Averages (SMAs), indicating the bulls hold the reins over the larger picture. The scenario highlights the ongoing attempts by the bulls to recapture lost ground after losing nearly 0.70% in the last two weeks.

    NZD/JPY daily chart

    On the other hand, assessing the shorter timeframe momentum, the hourly chart paints a slightly different picture. Here, the indicators suggest a pause in buying momentum, with investors likely consolidating gains after recent upward movements. The Relative Strength Index (RSI) appears flat, suggesting a standstill in the positive territory suggesting a slight advantage to buyers. Simultaneously, the four-hour Moving Average Convergence Divergence (MACD) displays red bars, suggesting that for the rest of Wednesday’s session, the cross may continue consolidating.

     

  • 23.01.2024 19:24
    NZD/JPY Price Analysis: Bulls present battle and recover the 20-day SMA
    • The NZD/JPY pair holds strong at 90.15, making gains of 0.30%.
    • The BoJ left its policy rate unchanged, just as expected.
    • Despite the mixed short-term outlook, bulls retain control, with the pair trending above the key SMAs.
    • Indicators on the four-hour chart signal a slight tilt towards selling momentum, with RSI and MACD in negative territory.

    On Tuesday's session, the NZD/JPY pair made gains to 90.15 due to a 0.30% increase. Although the daily chart outlook remains neutral to bearish, bullish forces appear to maintain a strong stance. However, the pair's situation on the four-hour outlook tilts slightly towards the downside.

    On the fundamental side, Governor Ueda from the Bank of Japan (BoJ) gave signs on when the bank will leave negative interest rates stating that the likelihood of achieving 2% inflation target is gradually rising. This reaffirms that the BoJ will eventually exit the ultra-loose monetary policy, which may provide some support to the Yen.

    On the technical side, from a daily chart perspective, the indicators are presenting a mixed picture. The relative strength index (RSI) is trending upwards but remains in the bearish zone, suggesting a lack of strong buying momentum. This is further supported by the flat red bars display in the Moving Average Convergence Divergence (MACD), which indicates the presence of selling traction. However, the position of the cross above the 20, 100, and 200-day simple moving averages (SMAs) tells a different narrative, demonstrating that bulls retain robust long-term control.

    Turning to the shorter-time frame, the RSI on the four-hour chart is also navigating in the bear territory with a negative incline, suggesting a possible continuation of the selling pressure in the near term. The MACD paints a similar picture with flat red bars, highlighting a pause in bullish activity. Considering these factors, the immediate momentum on the four-hour chart is slightly tipped in favour of the bears. Nonetheless, with the bulls demonstrating resilience, traders should keep a close eye for any potential shift in momentum that may hint towards a reversal of the short-term bearish trend as bulls are presenting a battle.

    NZD/JPY technical levels

    NZD/JPY daily chart

  • 22.01.2024 22:06
    NZD/JPY Price Analysis: Bears pull the cross dow n the 20-day SMA, bulls must step in
    • The NZD/JPY pair facing a notable downshift towards 89.95.
    • Negative incline and territory of the daily chart's RSI signals strong selling momentum.
    • Four-hour-chart indicators allude to intensifying bearish sentiment, despite SMAs endorsing bullish outlook on a wider scale.

    On Monday's session, the NZD/JPY pair was observed at 89.95. Technically speaking, the selling pressure is visible on the daily chart, with bears gaining ground, while the four-hour chart revealed signs of gloom with indicators diving into negative territory.

    Looking at the indicators on the daily chart, it is reflected that the bears are currently dominating. The Relative Strength Index (RSI) is on the negative side with a declining slope, indicating a bearish sentiment in the market. Similarly, the Moving Average Convergence Divergence (MACD) portrays a bearish scenario with rising red bars. Tha being said, although the pair is trading below the 20-day Simple Moving Average (SMA), it is still above the 100 and 200-day SMAs implying a strong grip by bulls in the long run. However, the bulls need to garner more momentum to dominate the shorter time frames.

    Shifting focus to the shorter time frame, the selling pressure is also the dominant force. The RSI on the four-hour chart is showing signs of entering oversold conditions, hinting at an imminent pullback. Similarly, the MACD on this timeframe continues to print red bars, adding fuel to the prevailing selling momentum. In summary, despite the broader bullish control, the bears seem to be dictating the short-term moves.

    NZD/JPY technical levels

    NZD/JPY daily chart

  • 18.01.2024 21:52
    NZD/JPY Price Analysis: Bulls dominate market after volatile session
    • NZD/JPY stands at 90.62, witnessing mild gains of 0.10% after trading in an 89.90-90-80 range on Thursday.
    • Key indicators show positive momentum on the daily chart, favoring the bulls.
    • Fundamentals are also favoring the NZD over the JPY.

    In Thursday's session, the NZD/JPY pair is currently trading at 90.62, showing mild gains and reaching a high of 90.808. The landscape appears bullish, with both daily charts and a four-hour outlook indicating that the bulls are firmly holding their ground. The daily and four-hour landscape shows sellers being overpowered, keeping the pair aloft in the current range. Fundamentally speaking, both currencies were lately affected by the set of weak Chinese data. In addition, the lack of guidance of the Bank of Japan also adds pressure to the JPY.

    Based on the daily chart, the scales seem to favor the bulls at this moment. The positive slope of the Relative Strength Index (RSI), confirming its foothold in the positive territory, signifies an ongoing initiation of buying pressure. This inclination towards bullish momentum is echoed in the Moving Average Convergence Divergence (MACD), as evidenced by the intensifying green bars that indicate growing bullish dominance. In addition, the pair is still above its 20, 100, and 200-day Simple Moving Averages (SMAs), reinforcing the overarching control of the bulls on a wider time horizon.

    Coming to the shorter timeframe, the four-hour chart paints a similar picture as the daily chart, with the bulls holding their ground firmly. With the four-hour RSI navigating positively and displaying an upswing, the buying impetus cannot be overlooked. Furthermore, the four-hour MACD follows suit, with escalating green bars.

    NZD/JPY technical levels

    NZD/JPY daily chart

     

  • 17.01.2024 21:35
    NZD/JPY Price Analysis: Bulls stay firm and hold above the 20-day SMA
    • The NZD/JPY rose by 0.20% towards 90.47.
    • Indicators on the daily chart suggest that the bulls are holding strong.
    • The Yen was one of the worst-performing currencies in the session.
    • The SMAs indicate firm control of bulls over the longer term.

    In Wednesday's session, the NZD/JPY was seen trading at 90.47, showing modest gains of 0.20%. Despite a neutral to bullish outlook on the daily chart, bulls maintain a tenacious grip. With sellers momentarily silenced, the buyers also dominate the four-hour chart, albeit taking a breather, hinting at the possibility of further upside momentum.

    The daily chart reveals a somewhat balanced playing field in the market but tilted to the upside. The Relative Strength Index (RSI) portrays an upward trajectory within the positive territory, indicating an increasing buying momentum. Simultaneously, the Moving Average Convergence Divergence (MACD) shows flat green bars, suggesting a flat momentum with a bullish bias. In the meantime, the pair is trading above the 20, 100, and 200-day Simple Moving Averages (SMAs), confirming that the bullish sentiments may still hold in the larger time frame despite some negative waves in the short run. In essence, the overall daily technical patterns exhibit a scenario where the bulls hold their ground and have a slight upper hand over the sellers.

    Moving toward the four-hour chart, the pictures are similar. The RSI appears flat but remains positive, unveiling a short-term stagnancy in buying pressure lining with the MACD. Although the bulls are taking a breather at this juncture, they still seem to maintain control.

    NZD/JPY technical levels

    NZD/JPY daily chart

     

  • 16.01.2024 22:01
    NZD/JPY Price Analysis: Bulls keep control after defending the 20-day SMA
    • NZD/JPY currently stands at 90.33 amid mild losses and cleared most of its daily losses.
    • Daily chart indicators reveal a resilient buying momentum.
    • In the broader context, the pair remains above the 20,100,200-day SMAs, asserting bull's control.

    On Tuesday's session, the NZD/JPY stands at 90.33, with mild losses after dropping earlier in the session towards 89.90. Generally, the daily technical chart presents a neutral to bullish outlook, with the bulls firmly securing their turf. Similarly, the four-hour chart mirrors this bullish dominance, demonstrating the current strength of buyers.

    The daily chart indicators reflect a firm grasp by the bulls despite the losses seen during the session asserted from the pairs's position above the three key Simple Moving Averages (20,100,200 days), which signifies a bullish bias in the broader perspective. Moreover, the Relative Strength Index (RSI) now lingers in positive territory, reinforcing the buyers' strength. Simultaneously, the Moving Average Convergence Divergence (MACD) prints green bars, further affirming the bullish control. The positive bias is also confirmed by the buyers, who effectively defended the 20-day SMA earlier in the session and quickly rejected the sellers.

    Turning to the four-hour chart, the dominance of buyers becomes more pronounced. Their fortification is reflected in the Relative Strength Index (RSI), which is not only in the positive region but also on a positive incline. The Moving Average Convergence Divergence (MACD) further echos this strength with continuous green bars indicating sustained buying momentum. This demonstrates an encouraging short-term technical outlook that could distract from the daily charts' temporary losses.

    NZD/JPY technical levels

    NZD/JPY daily chart

  • 15.01.2024 21:39
    NZD/JPY Price Analysis: Bears gains ground with eyes on 20-day SMA
    • The NZD/JPY saw a minor decline to 90.35 and eyes the 20-day SMA at 89.90.
    • Daily chart indicators reveal that sellers have a slight upper hand in the short term.
    • Despite bearish indicators, the overall trend is still bullish.

    In Monday's session, NZD/JPY experienced a slight drop to 90.35 following losses from its daily high at 90.55. With the daily chart establishing a neutral to bullish prospect, the bears are nevertheless gaining ground as the buyer's momentum remains weak. The four-hour chart indicators also remain in the red zone.

    Given the current positioning within the daily time frame, the indicators reflect that the buying momentum is dominant when considering the overall trend indicated by the pair's positioning above the 20, 100, and 200-day Simple Moving Averages (SMAs). However, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) show that the momentum in the short term is waning and that bears are gaining traction.

    While the broader picture carries an overall upward bias, the short-form charts tell a different story. Considering the four-hour chart, the selling pressure is gaining some ground progressively. With indicators situated within the negative terrain, the four-hour RSI is trending down while the four-hour MACD prints red bars, further reinforcing the short-term downward bias. The change in momentum on the shorter-term charts might be an early sign that the bulls are losing strength, allowing the bears to slowly take over.

    NZD/JPY technical levels

    NZD/JPY daily chart

  • 12.01.2024 21:32
    NZD/JPY Price Analysis: Bears assert their presence, outlook still positive
    • The NZD/JPY is currently at 90.46 with mild losses.
    • Despite indicators suggesting negative momentum, the overall trend is in favor of the bulls.
    • The four-hour chart stresses a more evident negative outlook.

    On Friday's trading session, the NZD/JPY pair was spotted around 90.46, enduring mild losses. The neutral to bearish prevalence on the daily chart complexity informs that sellers are gradually asserting dominance, while the four-hour chart indicates an increasingly notable negative tilt.

    The indicators on the daily chart, namely the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) and moving averages, are showing mixed signals but overall negative ones. The RSI's trajectory appears downward-bound inside the positive area, suggesting some buying exhaustion, while the MACD histogram displays fading green short bars, reinforcing the weakened bullish impulse. Moreover, the currency pair manages to stay above the key Simple Moving Averages (SMAs) of 20, 100, and 200, signaling a bull-dominated broader time frame, although some struggle is apparent for the short term.

    Downscaling to the four-hour chart portrays a significantly more bearish sentiment. The Relative Strength Index (RSI) pursues a southward direction within the negative domain, an evident indication of increased bearish propulsion. This is further confirmed by the fading green bars of the Moving Average Convergence Divergence (MACD), which suggests that the bulls are ceding ground to the bears, at least in the short term. The intensified selling momentum in this lower time frame might impose a tug of war with the broader bullish bias, suggesting a potential period of further downside.

    NZD/JPY technical levels

    NZD/JPY daily chart

  • 11.01.2024 19:14
    NZD/JPY rises to fresh highs since early December, consolidation incoming
    • NZD/JPY pair currently posts minor losses at 90.70.
    • Daily RSI hovers in the bullish area while the MACD's histogram exhibits signs of slowing buyer momentum.
    • Indicators in the four-hour chart are decelerating.

    On Thursday's session, the NZD/JPY pair is observed at around 90.70, registering slight losses after hitting high of around 91.00. The daily chart signals a bullish sentiment as bulls are gaining ground, while the four-hour chart presents consolidating indicators, suggesting a potential breather in the NZD/JPY's rally.

    An examination of the daily chart reveals a long-term bullish momentum for the cross. The pair is situated above all its key Simple Moving Averages (SMAs) comprising the 20, 100, and 200-day SMAs. Furthermore, the Relative Strength Index (RSI) is exhibiting a stable performance within the positive precincts, while the Moving Average Convergence Divergence (MACD) highlights green bars, albeit in a stationary phase.

    Shifting to the shorter time frame, pointers from the four-hour chart narrate a somewhat different tale, with a consolidation phase currently underway. The Relative Strength Index (RSI) remains within positive territory but with a declining trajectory. In unison, the Moving Average Convergence Divergence (MACD) flaunts flat, inviting green bars. These characteristics indicate some level of buying momentum but are constrained as investors seem to be taking profits.

    NZD/JPY Levels to watch

    NZD/JPY Daily chart

     

  • 05.01.2024 21:39
    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

  • 04.01.2024 22:38
    NZD/JPY Price Analysis: Rises sharply and shifts bullish after reclaiming 90.00
    • NZD/JPY's 0.70% surge driven by Japanese Yen's broad weakness, indicating a bullish turn above the Ichimoku cloud.
    • Upcoming resistance challenges include cycle high at 90.43 and the key 91.00 psychological level.
    • Bears could regain ground, targeting supports at Kumo’s top, the Kijun-Sen, and Kumo’s bottom.

    The NZD/JPY soared sharply and posted gains of more than 0.70% on Thursday, courtesy of broad Japanese Yen (JPY) weakness across the board. In doing so, the pair shifted bullish as it broke above the Ichimoku cloud (Kumo), suggesting that bulls are in charge. As the Asian session begins, the NZD/JPY exchanges hands at 90.14, posting minuscule losses of 0.01%.

    As the NZD/JPY shifted bullishly, it would face strong resistance levels on its way north, like the latest cycle high at 90.43, the December 27 swing high, followed by the psychological 91.00 figure. Once those two levels are cleared, the next stop would be the December 1 high at 91.52.

    If the sentiment shifts in favor of bears and the pair begins to drop, the first support would be the top of the Kumo at 89.80. A successful break of that level would expose the Kijun-Sen at 89.61, followed by the Tenkan-Sen at 89.53, ahead of challenging the bottom of the Kumo at 89.15.

    NZD/JPY Price Action – Daily Chart

    NZD/JPY Key Technical Levels

     

  • 03.01.2024 21:56
    NZD/JPY rallies above the 20-day SMA, bears around the corner
    • The NZD/JPY stands elevated after a rally towards 89.40, giving it a breather from its recent trailing losses.
    • Daily chart indicators like the hint at potential buying momentum despite being in negative territory.
    • Regardless of the short-term negative outlook, above 20,100,200-day SMAs indicates a broader bullish control.

    In Wednesday's session, the NZD/JPY clocked an uptick of 0.70%, seeing the pair rally to 89.40. An inconsistent journey was seen on the daily chart, hinting at neutral to slightly bullish momentum, with sellers taking a break after four out of the last five days of losses. Despite the upside, in the immediate short term, the four-hour chart indicators have flattened, hinting at a potential shift to the downside as investors may be set to take profits.

    Surveying the indicators on the daily chart shows that the buying momentum currently holds the upper hand. Despite the Relative Strength Index (RSI) showing an increasing trend while in negative territory and the Moving Average Convergence Divergence (MACD) displaying steady red bars suggesting a potentially bearish signal, the dominant force is nevertheless the buying side. This is largely attributable to the fact that the pair remains above its 20, 100, and 200-day Simple Moving Averages (SMAs). Such positioning implies a strong bullish dominance over the broader time horizon.

    With respect to the shorter time frame, the four-hour chart exposes a somewhat different dynamic. Momentum indicators appear to have reached an equilibrium, slightly favoring the downside. The four-hour RSI, despite sitting in positive territory, is exhibiting a downsloping trend, which typically signals a decrease in buying pressure. Correspondingly, the four-hour MACD, with its flat red bars, reiterates this neutral sentiment.

    NZD/JPY daily chart

     

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