NZD/JPY Price Analysis: Bulls don’t give up and continue climbing, might be time for a correction

Source Fxstreet
Apr 25, 2024 20:03
  • The daily RSI shows strong buying momentum for the NZD/JPY, moving deep in positive territory.
  • Parallelly, the daily MACD indicates green bars on a rising tendency, suggesting growing buying traction.
  • A possible market correction may be imminent, as the daily RSI reaches near-overbought conditions.
  • A slight decline in the hourly indicators signals a pause in buyers' at least for Thursday’s session.

The NZD/JPY pair has shown a bullish performance, upheld by strong buying momentum over past trading sessions. Although it stands at 92.55, a high since February, signs of a potential market shift are emerging as indicators are near overbought territory.

Based on the daily chart, the Relative Strength Index (RSI) indicates increasing bullish momentum, having moved from a negative territory into positive conditions during the previous session and it resides near the 70 threshold. Concurrently, the Moving Average Convergence Divergence (MACD) shows rising green bars, indicating a developing positive momentum. Nonetheless, the RSI nearing overbought conditions provides a warning about the potential for market correction.

NZD/JPY daily chart

On the hourly chart, the RSI moved steadily upwards from a negative to a positive trend. However, recent RSI levels are slightly lower as they seem to be correcting overbought conditions noted earlier in the session.

NZD/JPY hourly chart

In a broader context, the placement of the NZD/JPY relative to its Simple Moving Average (SMA), the cross pair is trading above its 20, 100, and 200-day SMA, suggestive of an upward trajectory. This positioning supports both short-term buy opportunities and a favorable long-term outlook, affirming a sustained long-term bullishness for the NZD/JPY.

NZD/JPY

Overview
Today last price 92.56
Today Daily Change 0.39
Today Daily Change % 0.42
Today daily open 92.17
 
Trends
Daily SMA20 91.22
Daily SMA50 91.45
Daily SMA100 90.71
Daily SMA200 89.43
 
Levels
Previous Daily High 92.18
Previous Daily Low 91.74
Previous Weekly High 91.62
Previous Weekly Low 89.96
Previous Monthly High 92.2
Previous Monthly Low 90.17
Daily Fibonacci 38.2% 92.01
Daily Fibonacci 61.8% 91.91
Daily Pivot Point S1 91.88
Daily Pivot Point S2 91.59
Daily Pivot Point S3 91.44
Daily Pivot Point R1 92.32
Daily Pivot Point R2 92.47
Daily Pivot Point R3 92.76

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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