The daily chart showcases increased buying momentum for NZD/JPY, with RSI signaling a shift from bearish to bullish territory.
Indicators on the hourly chart also reveal persistent buying pressure, though MACD hints at a potential slowing down of this momentum.
The bulls need to maintain the pair's standing above the SMAs, or else it could hint at a possible bearish reversal.
The NZD/JPY pair, currently trading at 91.57, is recording gains of 0.45%, indicative of a reinforced bullish momentum. Positioned above key Simple Moving Averages (SMAs), the bullish sentiment endures, despite intermittent signs of momentum loss on the hourly chart as buyers seem to have already given it all for Monday’s session. Indicators on the daily chart remain positive.
The daily Relative Strength Index (RSI) for the NZD/JPY pair has moved from negative to positive territory in the last sessions which indicates a growing strength of the buyers. Simultaneously, the MACD histogram is displaying rising green bars, thus confirming positive momentum
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