Mixed outlook, sideways movement will continue in the short term

• The NZD/JPY pair has been trading sideways with a slight downtrend in recent sessions.
• The RSI is in negative territory, but the slope is rising, suggesting that buying pressure is recovering.

In Thursday’s session, NZD/JPY rose 0.50% to 87.70. Despite the rally, the pair has been trading sideways with a slight downtrend in recent sessions. The overall technical outlook is mixed and the pair is likely to continue trading sideways in the near term.

The RSI is currently at 37, which is in the negative zone. However, the RSI slope is rising sharply, suggesting that buying pressure is recovering. The MACD histogram is currently flat and red, suggesting that selling pressure is erratic. The overall outlook for NZD/JPY is mixed and the pair is likely to continue trading sideways in the near term.

NZD/JPY Daily Chart

Supports on the downside are located at 87.00, 86.00 and 85.00, while resistances are seen at 88.00, 89.00 and 90.00.