The NZD/JPY currency pair remained in a consolidation pattern on Friday, hovering around the 88.000 level.
NZD/JPY moves sideways after a three-day winning streak, and mixed technical signals emerge. The RSI remains near the oversold area despite rising, and the MACD prints decreasing red bars. Shrinking volume suggests that the selling pressure is waning, indicating a potential reversal. While the pair has experienced a three-day winning streak, technical indicators present contrasting signals, and the pair is set to side-ways trade.
The Moving Average Convergence Divergence indicator, on the other hand, is showing decreasing red bars, which could signal a stagnation of the selling pressure. Trading volume has decreased in recent sessions, which could indicate that selling pressure is easing. This is a positive sign for the bulls, as it suggests that they may be gaining some momentum. The bulls are attempting to push the pair higher towards the 88.
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