Bulls consolidate control, must hold 90.00

• NZD/JPY breaks seven-day streak and consolidates above 90.00.
• The RSI is holding close to 60, indicating bullish momentum; Flat MACD suggests flattening of buying pressure.
• Bulls target resistance at 91.00, breakout could extend gains.

NZD/JPY, after dropping 0.20% on Wednesday, continues to consolidate above the 90.00 mark. The bulls keep their grip on the market, with technical indicators pointing to a still bullish outlook. The Relative Strength Index (RSI) is currently at 60, suggesting that buying pressure remains. On the other hand, the Moving Average Convergence Divergence (MACD), a momentum indicator, shows flat green bars, indicating a flattening of buying pressure. Overall, the outlook for NZD/JPY remains positive, with bulls set to head for a potential breakout above the 91.00 mark.

Since mid-September, the cross has gone on a seven-day winning streak, which has improved the short-term outlook as it has positioned the pair above its 20-day simple moving average (SMA). With the easing of buying pressure, the pair could find support at 90.00, 89.30 and 89.00, as well as resistance levels at 90.50, 90.80 and 91.00.

NZD/JPY Daily Chart