On the daily chart, indicators are consolidating but the outlook is favoring the bulls.
The hourly chart gives hints of mounting selling traction with indicators deep in the red.
The NZD/JPY pair is currently trading at 91.60, slightly down in Thursday's session. Bulls hold a strong command over the market, even amidst transient selling pressure, which seems not to have weakened their movement with the pair holding above the 20,100 and 200-day Simple Moving Averages (SMAs).
On the daily chart, the NZD/JPY pair reveals an influx of buyers dominating the market, as indicated by the Relative Strength Index (RSI) progressing towards positive territory. The latest reading at 55, sits in the positive zone, but points down, as indicators consolidate. Meanwhile, the Moving Average Convergence Divergence (MACD) reveals a declining trend with red bars, indicating steady but weakening negative momentum.
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