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23 Jan 2024

NZD/JPY Price Analysis: Bulls present battle and recover the 20-day SMA

  • The NZD/JPY pair holds strong at 90.15, making gains of 0.30%.
  • The BoJ left its policy rate unchanged, just as expected.
  • Despite the mixed short-term outlook, bulls retain control, with the pair trending above the key SMAs.
  • Indicators on the four-hour chart signal a slight tilt towards selling momentum, with RSI and MACD in negative territory.

On Tuesday's session, the NZD/JPY pair made gains to 90.15 due to a 0.30% increase. Although the daily chart outlook remains neutral to bearish, bullish forces appear to maintain a strong stance. However, the pair's situation on the four-hour outlook tilts slightly towards the downside.

On the fundamental side, Governor Ueda from the Bank of Japan (BoJ) gave signs on when the bank will leave negative interest rates stating that the likelihood of achieving 2% inflation target is gradually rising. This reaffirms that the BoJ will eventually exit the ultra-loose monetary policy, which may provide some support to the Yen.

On the technical side, from a daily chart perspective, the indicators are presenting a mixed picture. The relative strength index (RSI) is trending upwards but remains in the bearish zone, suggesting a lack of strong buying momentum. This is further supported by the flat red bars display in the Moving Average Convergence Divergence (MACD), which indicates the presence of selling traction. However, the position of the cross above the 20, 100, and 200-day simple moving averages (SMAs) tells a different narrative, demonstrating that bulls retain robust long-term control.

Turning to the shorter-time frame, the RSI on the four-hour chart is also navigating in the bear territory with a negative incline, suggesting a possible continuation of the selling pressure in the near term. The MACD paints a similar picture with flat red bars, highlighting a pause in bullish activity. Considering these factors, the immediate momentum on the four-hour chart is slightly tipped in favour of the bears. Nonetheless, with the bulls demonstrating resilience, traders should keep a close eye for any potential shift in momentum that may hint towards a reversal of the short-term bearish trend as bulls are presenting a battle.

NZD/JPY technical levels

NZD/JPY daily chart

Jan 23, 2024

European indexes slide on Tuesday as sentiment shifts ahead of looming ECB rate expectations

European equity indexes initially climb on Tuesday, hitting near-term highs before revising direction once again and testing into the low side of recent activity.
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Jan 23, 2024

Forex Today: Investors’ focus shifts to PMIs

The strong presence of the risk-off sentiment lent extra legs to the US Dollar and prompted a marked correction in the risk-linked galaxy on Tuesday, as market participants quickly digested the BoJ event and got ready for the publication of advanced PMIs on Thursday as well as the BoC interest rate decision.
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