Daily RSI shows rising buying traction, while a positive MACD suggests a growing momentum.
On the hourly chart, the same indicators hint at potential short-term pullbacks due to minor negative momentum.
Despite a bullish overall outlook, the buyers need to defend short-term SMAs and defend them to prevent potential losses.
The NZD/JPY pair is trading at 91.79, experiencing a 0.25% uptick. It is currently showcasing a strong bullish course, with reinforced buying momentum as it comfortably positions above its main Simple Moving Average (SMA). Indicators remain strong on the daily chart while hourly indicators may be hinting at an incoming consolidation.
On the daily chart, the Relative Strength Index (RSI) is comfortably positioned within positive territory, suggesting that buying pressure outweighs selling pressure. Moreover, the Moving Average Convergence Divergence (MACD) shows rising green bars, an indication of growing buying momentum.
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