On Tuesday, the NZD/JPY pair demonstrated resilience above the 20-day Simple Moving Average (SMA) at 95.90, with the pair inching closer to cycle highs near 97.00.
The Kiwi gathers strength against Yen, staying comfortably above the 20-day SMA on Tuesday. Continuation of the consolidation phase is likely, with trading potentially framed between 95.00 and 97.00. After a sharp ascent in May, buyers are likely consolidating gains for possible further ascent. On Tuesday, the NZD/JPY pair demonstrated resilience above the 20-day Simple Moving Average at 95.90, with the pair inching closer to cycle highs near 97.00.
NZD/JPY daily chart With buyers affirming presence above the 20-day SMA and indicators alluding to possible exhaustion, it elucidates the market's need to consolidate following the substantial surge observed in May. The ensuing trading sessions may continue to see the pair oscillate between the 95.00 level as a support and the 97.00 level as resistance, as the pair possibly stabilizes following recent gains. NZD/JPY Overview Today last price 96.53 Today Daily Change 0.
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