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    NZD/JPY price analysis: Bullish momentum dominates, indicators flash overbought conditions

    Source Fxstreet
    Feb 21, 2024 22:08
    • The NZD/JPY pair rallied by 0.53% and stands at 92.88 as of Wednesday's session.
    • The daily RSI shows strong buying momentum, reaching overbought conditions.
    • A healthy technical correction may be on the horizon in the next sessions.

    In Wednesday's session, the NZD/JPY was observed trading at 92.88, marking a 0.53% rally in its progress. The pair reveals sustained buying momentum with the Relative Strength Index (RSI), dwelling in the overbought zone indicating that a pullback may be incoming.

    In the daily chart, the Relative Strength Index (RSI) consistently resides in the overbought, and the NZD/JPY pair shows signs of strong buying momentum. Notably, there's been a persistently positive slope, indicating a continued bullish undercurrent. To support this, the Moving Average Convergence Divergence (MACD) histogram is displaying green bars, marking positive momentum. It's been on a steady rise, further underlining the dominance of buyers.

    NZD/JPY daily chart

    Shifting attention to the hourly chart, the RSI hovers flat in both the positive area and the MACD histogram continues to print green bars, alluding to an overall bullish momentum despite interim dips.

    NZD/JPY hourly chart

    Overall, despite the short-term flattening depicted in the hourly chart, the significant bullish signals from the daily RSI and both MACD histograms suggest the pair might adhere to an upward trend. Moreover, the NZDJPY stands above its 20,100,200-day Simple Moving Averages (SMAs), reinforcing the predominance of the bulls. However, traders should consider the possibility of a correction in the next session, to consolidate gains.

     

     

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