NZD/JPY Price Analysis: Bullish momentum remains, indicators gather strength
- The NZD/JPY rose by nearly 0.90% to 89.80 on Friday.
- The RSI is in positive territory and rising, indicating buying pressure.
- The MACD is showing rising green bars, suggesting increasing bullish momentum.
In Friday's session, the NZD/JPY continued its climb, propelled by a 0.90% rise to 89.80. This upward trajectory indicates that the pair is gaining strength following the recent consolidation above the 89.00 level. The pair is also riding a substantial winning streak and exhibiting signs of technical strength, amplifying the possibility of further advancements.
Examining the Relative Strength Index (RSI), it is currently positioned at 54, suggesting that buying pressure is elevated and remains a driving force behind the pair's momentum. Additionally, the Moving Average Convergence Divergence (MACD) is painting a bullish picture, with rising green bars indicating increasing bullish momentum.
NZD/JPY daily chart
As for notable support and resistance levels, round support levels can be identified at 87.00, 86.50, and 86.00. Meanwhile, resistance levels can be found at 89.50, 90.00, and 90.50. The pair's breach past the 89.00 level has provided further confirmation of its bullish momentum, and sustained trading above this level could pave the way for a continued ascent..
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