NZD/JPY Price Analysis: Consolidation remains, slight upward bias
- NZD/JPY is trading within a range, bounded by 90.10 and 91.60.
- RSI is slightly rising in positive territory, MACD declining but still positive.
- A clear direction is lacking, but a potential upside breakout could take place.
The NZD/JPY pair continues moving sideways on Wednesday, extending the consolidation of the past week. The pair is currently trading at 91.00, with 0.30% gains and a slight upward bias. The pair remains trapped within the range defined by the 90.00 support and the 91.00 resistance, with indicators showing a lack of clear direction.
The technical indicators provide a mixed picture. The Relative Strength Index (RSI) is at 55, in the positive terrain, and has a slightly rising slope, indicating that buying pressure is steady. However, the Moving Average Convergence Divergence (MACD) is green and decreasing, suggesting that buying pressure is weak.
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