Recently, NZD/JPY has experienced a slight increase, reaching 89.30 and testing the 20-day Simple Moving Average (SMA). This movement indicates a potential shift in the market sentiment towards the currency pair.
Looking at the technical indicators, the Relative Strength Index (RSI) is hovering around the 50 mark. Meanwhile, the Moving Average Convergence Divergence (MACD) is showing flat green bars, suggesting that the momentum is currently in a sideways trend. This could imply that the market is currently lacking a strong trend in either direction.
If NZD/JPY manages to break above the 20-day SMA, it could signal a shift towards a more bullish bias in the market. Traders will be closely monitoring this key level to determine the future direction of the currency pair.
The technical analysis of NZD/JPY suggests a potential upside if it breaks above the 20-day SMA. However, traders should exercise caution and wait for a clear confirmation of a bullish trend before making any significant trading decisions. The market dynamics can change quickly, and it is important to stay updated on the latest developments to make informed decisions.