NZDJPY climbed to a new three-month high of 81.29 during the Asian session and then lost some ground. The price has been moving within an upward sloping channel since December 2017 following the rebound on the 76.90 support level.
From the technical point of view, in the short-term timeframe, the price found support around the mid-level of the Bollinger band, having eased back after touching the top channel line. Despite that, the MACD oscillator dropped beneath its trigger line and is moving with weak momentum. The RSI is also pointing to reduced momentum, however, both are still standing in the positive territory. Technical indicators are signaling further losses until the 80.68 and the 80.28 barriers.
Going in the long-term timeframe, the price printed seven bullish weeks in a row and has surged more than 6% during this period. The MACD jumped above its trigger line and is trying to enter the bullish zone. Furthermore, the RSI indicator is holding above the 50 level but is flattening.
