NZD/JPY Price Analysis: Sellers Pause, Upward Correction Seen

• The NZD/JPY pair has been moving lower over the past week, but today’s price action has shown a sharp rise.
• The RSI is in negative territory, but its value is rising sharply, suggesting that buying pressure is recovering.
• MACD suggests selling pressure is flattening.

In Monday’s session, NZD/JPY rose 0.60% to 87.20. However, the overall technical outlook for NZD/JPY remains negative due to losses seen over the past week as sellers appear to be taking a break.

The RSI is currently at 36, which is still near the oversold zone. However, the RSI slope is rising sharply, suggesting that buying pressure is recovering. The MACD is also red and flat, indicating that selling pressure is erratic. This suggests that last week’s downward moves have extended too far and sellers have paused to take a break. This also gives light to buyers as the cross could continue to consolidate to the upside.

NZD/JPY Daily Chart

Supports on the downside are located at 86.30, 86.60 and 87.00, while resistances are seen at 87.30, 87.60 and 87.90.