Search ForexCrunch
  • NZD/JPY fills the late-January gap to the north while taking the bids near multi-month high.
  • Bullish MACD, break of previous tops suggest further upside to the yearly peak.
  • Overbought RSI may play its role if prices slip below 71.60.

NZD/JPY is on the front foot around 71.95, up 0.47% on a day, during the early Wednesday. In doing so, the kiwi cross refreshes the six-month high following its sustained break above tops marked in June and July.

The upside momentum also takes clues from bullish MACD to suggest further rise towards the yearly high of 73.34. Though, 72.75 and 73.00 may offer intermediate resistances during the upside.

In a case where the bulls refrain from stepping back around 73.35, highs marked during late-2019 close to 73.55 will be in the spotlight.

Alternatively, overbought RSI conditions can drag the sellers’ attention if the quote slips below the resistance-turned-into-support around 71.60.

In doing so, the early-August high near 70.60 may flash on their radars. However, the bears might not be convinced unless the NZD/JPY prices stay beyond the 200-day SMA level of 68.89.

NZD/JPY daily chart

Trend: Bullish

 

Expert score

5

Etoro - Best For Beginner & Experts

  • 0% Commission and No stamp Duty
  • Regulated by US,UK & International Stock
  • Copy Successfull Traders
Your capital is at risk.