The NZD/JPY cleared all of its daily gains and fell by nearly 0.75% during the American session.
The daily chart signifies a bullish market; yet, the hourly chart shows hints of a short-term bearish reversal. The NZD significantly weakened during the American session and cleared daily gains. The hourly RSI dived from the overbought area near oversold terrain. Bearish clues emerge on the hourly chart, but the daily technical outlook remains somewhat bullish. On the daily chart, the NZD/JPY Relative Strength Index reveals its latest reading, slightly shifting towards a positive trend.
NZD/JPY hourly chart Regarding the overall trend, the NZD/JPY pair jumped above the 20-day SMA today, often serving as a bullish short-term signal. In addition, the pair stands above its 100 and 200-day Simple Moving Average , also flashing a long-term positive outlook. In conclusion, based on both the daily and hourly trends, plus taking the position in relation to the SMA into consideration, the NZD/JPY shows signs of a potential shift from a bearish to a bullish stance in the immediate term.
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