The NZDJPY is currently stagnant at a level of 87.40, with a slight withdrawal from its previous YTD high of 87.4761. @nehcap’s opinion is that it is neutral with a slight upward trend, but care should be taken.

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• NZD/JPY trades flat at 87.40, retracing slightly after reaching a new YTD high.

The pair currently trades last at 87.4761.

The previous day high was 87.0 while the previous day low was 86.07. The daily 38.2% Fib levels comes at 86.64, expected to provide support. Similarly, the daily 61.8% fib level is at 86.42, expected to provide support.

NZD/JPY retraces slightly as the Asian session begins after posting solid gains on Thursday of 0.58% and reaches a new year-to-date (YTD) high of 87.59. At the time of writing, the NZD/JPY is almost flat, exchanging hands at 87.40.

The NZD/JPY is still upward biased from a daily chart perspective, as the pair remains above the Ichimoku cloud. In addition, the cross-over of the Tenkan-Sen line above the Kijun-Sen, suggests that buyers remain in charge. But the slope of the latter for the last nine days shifted flat, suggesting some consolidation lies ahead before the NZD/JPY attacks the next resistance level at 88.17, the December 13 high.

If the NZD/JPY breaks the abovementioned price level, the next stop would be the 89.00 psychological level, as the pair gets on its way toward testing the 2015 high at 92.42. Conversely, the NZD/JPY first support would be the May 23 high at 87.31, which, once cleared, would expose the May 24 daily high turned support at 86.68. The following support levels would be the Tenkan-Sen line at 86.00 and the Kijun-Sen line at 85.56.

Given that the Ichimoku cloud suggests the NZD/JPY is upwards, oscillators like the Relative Strength Index (RSI) indicate that the pair is approaching overbought territory, but its slope aims down. The three-day Rate of Change (RoC) shows buyers are losing momentum.

Trend: Neutral-upward biased, but caution is warranted.

Technical Levels: Supports and Resistances

NZDJPY currently trading at 87.36 at the time of writing. Pair opened at 86.91 and is trading with a change of 0.52 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 85.35, 50 SMA 84.39, 100 SMA @ 83.87 and 200 SMA @ 84.31.

The previous day high was 87.0 while the previous day low was 86.07. The daily 38.2% Fib levels comes at 86.64, expected to provide support. Similarly, the daily 61.8% fib level is at 86.42, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 86.32, 85.73, 85.39
• Pivot resistance is noted at 87.25, 87.59, 88.18

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