The NZD/JPY pair has recovered some of its recent losses, suggesting that the bears' grip is weakening.
The NZD/JPY pair rose by 0.15% in Monday's session but remains below 88.00. The pair is currently trading in a range between 87.50 and 88.40. Bears have the 87.000 threshold on their sight. The NZD/JPY pair has recovered some of its recent losses, suggesting that the bears' grip is weakening. In the meantime, indicators remain in negative terrain and the outlook suggests that the sellers are taking a breather.
The Moving Average Convergence Divergence printed a red bar which indicates a steady selling pressure. NZD/JPY daily chart After having fallen below the 20-day Simple Moving Average of 89.60, bulls have stepped up action to defend the 87.50 support which might have parked the pair from further southers movements. If the buying continues, critical resistance levels appear at 89.00, 89.50, and 90.00. Overall, the technical picture for the NZD/JPY pair is mixed.
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