On Tuesday, the NZD/JPY cross appeared to have entered a consolidation phase, retaining its footing at the fresh high of 97.80.
NZD/JPY remains stable at 97.60, as the pair starts consolidating. The 20-day SMAat 96.30 offers considerable support against a potential correction. Despite the consolidation phase, the bullish outlook persists, eyeing the next key resistance at 98.00. Flaunting its resilience, the pair maintained its strong support at the 20-day Simple Moving Average of 96.30, while hovering at high levels not witnessed since July 2007.
NZD/JPY daily chart The steady grip of bulls above the 20-day SMA illustrates their strength, coupled with the technical indicators nearing overbought status, this further cements the positive technical outlook of the Kiwi against the Yen. However, overbought conditions necessitate a healthy correction or consolidation to ensure sustained upward momentum. As investors anticipate subsequent trading sessions, the focus is on the immediate support at 97.00 and the resistance target at 98.00.
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