On Monday, the NZD/JPY cross recorded a modest gain of 0.31%, pushing its value up to a high of 98.80 and then retreating to 98.10.
NZD/JPY's bullish trajectory extends and rose near 98.80, setting fresh highs since 2007. Bulls start to show some signs of exhaustion. The robust bullish outlook is maintained, although a consolidation appears imminent. This increase marks the pair's highest position in over a decade, further solidifying the ongoing bullish bias. However, due to the overbought conditions indicated by the daily Relative Strength Index , a necessary correction may be on the horizon.
The daily chart's RSI has tipped over into overbought territory, signaling the continued advance of the bullish run seen since last week. Although the bullish momentum is still the driving force in this pair, the Moving Average Convergence Divergence is not generating green bars. This suggests that the current bullish pace may be leveling off. NZD/JPY daily chart Moving forward, in case of a correction immediate support is now at 97.
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NZD/JPY Price Analysis: Cross reached multi-year highs, upside appears limitedOn Thursday, the NZD/JPY pair exhibited signs of fatigue, following its advancement to the multi-year highs logged earlier in the week.
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NZD/JPY Price Analysis: Cross extends gains to multi-year highs around 97.50On Monday, the NZD/JPY pair recorded a low of 97.28 before buyers stepped in and cleared all losses, stabilizing the cross at around 97.80.
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