The NZD/JPY pair has been showing signs of recovery after a three-day winning streak. The pair has been consolidating sideways above the 88.00 level, with technical indicators giving mixed signals. The Relative Strength Index (RSI) is near the oversold territory but rising, while the Moving Average Convergence Divergence (MACD) is showing decreasing red bars. Moreover, the decreasing volume suggests that selling pressure may be easing.
Looking at the daily chart, the NZD/JPY pair is currently consolidating above the 87.00 level, with bulls trying to push the pair towards the 90.00 zone. A successful breakthrough could potentially lead to further gains towards the 91.00 zone. On the other hand, if bears manage to push the pair below the 87.00 level, a deeper correction could be on the horizon.
It’s important to note that the information provided contains forward-looking statements that carry risks and uncertainties. The content is for informational purposes only and should not be considered as investment advice. It’s always recommended to conduct thorough research before making any investment decisions.
Investing in open markets comes with inherent risks, including the potential loss of your investment and emotional distress. It’s crucial to understand and manage these risks effectively. The opinions expressed in the article are those of the author and may not necessarily reflect the official policy or position of FXStreet or its advertisers.
At the time of writing, the author does not hold any positions in the stocks mentioned in the article nor have any business relationships with the companies discussed. The author has not received any compensation for writing the article, aside from standard payments from FXStreet.
Please be aware that neither the author nor FXStreet provide personalized recommendations, and the information presented should not be considered as investment advice. It’s essential to verify the accuracy and completeness of the information provided and understand that errors and omissions may occur.
In conclusion, the NZD/JPY pair’s recovery trend is being closely monitored, with technical indicators suggesting a potential reversal in the near future. Traders and investors should exercise caution and conduct thorough research before making any trading decisions in the volatile forex market.