Consolidating below 90.00, the bulls await another push

• NZD/JPY was flat on Wednesday, trading at 89.40.
• The RSI remains below 50, indicating reduced buying pressure.
• The pair is currently trading in a range between the 88.50 and 89.50 support and resistance levels.

The NZD/JPY currency pair traded around the 89.40 area on Wednesday. Technical indicators provide contrasting signals, with the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) providing contrasting perspectives.

The RSI, a measure of momentum, has flattened and is currently at 45, below the neutral level of 50. This indicates a reduction in buying pressure and suggests that bulls are losing some of their recent momentum. However, the MACD continues to show flat green bars. Green bars generally indicate upward momentum, but the flatness suggests that the upward push is not strong enough at this time.

Volume was relatively light, indicating a lack of conviction in recent price movements. The pair is currently trading in a range between the 88.50 and 89.50 support and resistance levels. 88.50 is a significant support level that has held since early August, while the 90.00 resistance is a barrier that the bulls are struggling to address. A break below 88.50 could lead to further declines towards 86.00, while a break above 89.50 could push the pair to 91.00.

NZD/JPY Daily Chart

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