The pair continues to consolidate below 90, signs of increasing momentum

• NZD/JPY rose slightly on Thursday, trading at 89.70.
• The RSI is showing an uptrend, indicating potential buying pressure, still below 50.
• The MACD continues to print flat green bars, suggesting a neutral trend.

The NZD/JPY currency pair is trading sideways in a neutral consolidation. Technical indicators are showing contrasting signals, with the Relative Strength Index (RSI) indicating buying pressure and the Moving Average Convergence Divergence (MACD) showing a neutral trend.

The RSI, a measure of momentum, has risen recently and is currently at 47, near neutral territory. This suggests that buying pressure may be building, signaling a potential shift in market sentiment. However, the MACD continues to show flat green bars, indicating that the upward momentum is not yet strong enough to trigger a trend reversal.

The pair consolidated in a range defined by the 89.50 support and 90.00 resistance levels. Volume was relatively light, indicating a lack of conviction in recent price movements. A break above 90.00 could signal a potential uptrend reversal, pushing the pair to 91.00 and 91.50, while a break below 89.50 could lead to further declines towards 86.00 and possibly 84.50.

NZD/JPY Daily Chart