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NZD/JPY - 2014 Highs Back in Sight

The NZD/JPY started the year falling to its 200-day simple moving average, a bearish correction against a prevailing uptrend. Then it rallied from the 200-day SMA and February's low of 81.42, which is now the 2014-low. After holding at 89.92 in April, NZD/JPY started trading sideways, with support holding around 85.86. 
NZD/JPY Daily Chart 9/18

(click to enlarge)

Today's price action may have shifted the market back towards the bullish outlook. Price cleared above the cluster of 200-, 100-, and 50-day SMAs and above a recent consolidation under 88.00. The daily RSI popped up above 60, showing loss of bearish momentum. It doesn't say much about the bullish momentum neither, at least not yet. Still, with the prevailing trend being bullish, and the market shifting slightly bullish within consolidation, NZD/JPY looks poised to retest the 2014-highs around 89.90.

With the RSI approaching 70, NZD/JPY might find resistance under 89.00 in the short-term. But as long as price can hold above 87-87.50, the bullish outlook is in play. A break below 87.00 puts NZD/JPY back in consolidation mode, with some bearish bias in the short-term, and pressure toward the 85.80-86.90 area consolidation support area.