NZD/JPY gained some momentum and closed above the 100-day SMA

• The NZD/JPY advanced above the 100-day SMA, closing at 0.8760 .
• The cross tallied its third consecutive day of gains.
• Indicators start to tilt in favour of the bulls as the cross may face a period of consolidation.

In Tuesday's session, the NZD/JPY gained some reactions and closed just above the 100-day Simple Moving Average (SMA) at 0.8760.

Observing the daily chart,  the pair displays a neutral to the bearish technical outlook for the short term, as the bears gained significant momentum and asserted their presence in the last sessions. However, the cross lost more than 1% last week, and the pair may consolidate those losses in the next sessions. In the meantime, the Relative Strength Index (RSI) shows a flat slope in the negative territory, while the Moving Average Convergence (MACD) histogram lays out lower red bars.

In case the bears push the cross back below 100-day Simple Moving Averages (SMAs), they may target multi-month lows around 85.800. On the other hand, the pair may side-ways trade to consolidate the recentl mentioned downwards movements.

Support levels: 87.580 (100-day SMA), 87.129, 86.505.

 Resistance levels: 87.805, 88.300, 88.500.

NZD/JPY Daily Chart