On Monday, the NZD/JPY pair extended its consolidation phase after hitting a multi-year high last week.
The consolidation phase extends as the Kiwi witnesses difficulty against the Yen. Indicators on the daily chart trend downwards, indicating potential for further consolidation in the upcoming sessions. Retesting the 97.00 level could be on the cards, but a break above this resistance appears unlikely due to weak buying traction.
Regardless, the downturn observed in the daily technical indicators points towards the market's need for further consolidation after the significant leap to nearly 96.00 since May. The upcoming trading sessions might witness the pair movings between the support level of 95.00 and the resistance level of 97.00 as this pair remains among the tallest since June 2007. Notably, the bearshave struggled twice consecutively to breach the 20-day SMA at 96.
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NZD/JPY Price Analysis: Bullish momentum sustains, potential correction looms on overbought conditionsOn Tuesday's session, the NZD/JPY pair rose to 96.62 it highest level since July 2007.
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NZD/JPY Price Analysis: Bullish momentum adjusts, correction begins following overbought signalsIn Wednesday's session, the NZD/JPY pair saw a small correction to 96.40 but remains at its highest level since July 2007 at around 96.70.
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NZD/JPY Price Analysis: Bullish momentum eases, buyers and sellers find consolidationOn Thursday's trading session, the NZD/JPY pair underwent further corrections, with sellers gaining momentum.
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NZD/JPY Price Analysis: Sellers test strength as consolidation persistsDuring Monday's session, the NZD/JPY pair experienced a slight retreat as the sellers tried pushing past a strong resistance at the 96.30 area.
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NZD/JPY Price Analysis: Kiwi tebounds from 20-day SMA, yet consolidation loomsOn Wednesday, the NZD/JPY pair saw a formidable rebound from the 20-day Simple Moving Average (SMA) at 95.50, launching upward towards 96.75.
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