NZD/JPY Price Analysis: Bulls don’t give up and continue climbing, might be time for a correction
Source Fxstreet
- 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.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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