On Wednesday, the NZD/JPY pair resumed its upward trajectory, an extension of the bullish trend noted in the previous week.
NZD/JPY resumes its bullish trend, surpassing 98.00 mark and hitting new cycle highs. Immediate supports identified at 97.50 and 97.00 markers represented by 20-day SMA in case of potential corrections. As the pair rides uncharted terrain it might test the 99.00-100.00 range. Even as a strong bullish drive emerges as the predominant force, there is caution regarding a potential correction as indicators reflect overbought conditions. In the session, the pair rose by 0.60% to reach 98.
However, this climb incurs the risk of a potential pullback given these heightened overbought conditions. The Moving Average Convergence Divergence presents green bars, also adding arguments to the overextended movements. NZD/JPY daily chart Looking ahead, it is anticipated that the pair may sustain its upward trajectory, remaining above the 20-day, 100-day, and 200-day Simple Moving Averages , suggesting ongoing bullish momentum.
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NZD/JPY Price Analysis: Continuation of bullish momentum as pair approaches 98.80On 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.
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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, establishes fresh highs above 97.00On Thursday, the NZD/JPY cross made further gains, moving past the previous resistance at 97.00 and setting a fresh cycle high.
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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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NZD/JPY Price Analysis: Cross continues consolidating, still above 97.00On Tuesday, the NZD/JPY cross appeared to have entered a consolidation phase, retaining its footing at the fresh high of 97.80.
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NZD/JPY Price Analysis: Cross continues consolidating, still above 97.00On Tuesday, the NZD/JPY cross appeared to have entered a consolidation phase, retaining its footing at the fresh high of 97.80.
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