NZD/JPY Price Analysis: Bullish momentum on the rise, short-term outlook still negative

Daily chart reveals an ongoing tussle between buyers and sellers; RSI demonstrates growing buying. The hourly RSI stands in positive territory pointing south, while MACD shows a contraction of negative momentum. As long as the pair stands below the 20-day SMA, the outlook will be negative for the short term. There is a continuous tug of war between both buyers and sellers, and neither manages to establish clear dominance.

NZD/JPY daily chart Upon examining the hourly charts, the RSI appears to oscillate in positive territory during recent hours but prints a negative slope. This is in contrast with the daily chart, suggesting a slowing buying momentum. The MACD histogram also shows rising red bars, reflecting a rising rate of negative momentum. In conclusion, the data shows that the bulls are gaining some traction on the daily chart, and now seem to be consolidating on the shorter timeframes.

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