NZD/JPY Price Analysis: Bears push slightly down, testing support at 89.70
- NZD/JPY declined on Tuesday's session to settle around 89.70.
- The RSI is hovering near the 50 midline, suggesting a neutral bias.
- The MACD is flat green, indicating a lack of clear momentum.
The NZD/JPY currency pair is facing renewed selling pressure on Tuesday, declining by 0.30% to trade around 89.70. Technical indicators display mixed signals, suggesting that the pair is likely to remain range-bound in the near term.
The Relative Strength Index (RSI) is fluctuating around the 50 midline at 46, indicating that neither buyers nor sellers have a clear advantage. This reading suggests that the pair is likely to continue its sideways movement within the current range. The Moving Average Convergence Divergence (MACD) is also showing a neutral bias, with flat green bars indicating that the bullish momentum is neither gaining nor losing strength.
NZD/JPY daily chart
As the pair seems to be stuck in a consolidation period and with indicators flat, the cross might continue trading in the 88.00-90.00 channel. A break above or below these levels might set the pace for the short term.