NZD/JPY bulls command and approach cycle-highs for a retest – Crypto News – Crypto News
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NZD/JPY soars to near 87.40 as RBNZ hikes its OCR by 75 bps NZD/JPY soars to near 87.40 as RBNZ hikes its OCR by 75 bps

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NZD/JPY bulls command and approach cycle-highs for a retest – Crypto News

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  • NZD/JPY rallies 0.70% to stand at 91.00 as buyers take control.
  • The cross seems to be on its way to retest last Friday’s highs around  91.15.
  • Daily chart: RSI is approaching overbought territory, and MACD exhibits increased buying momentum.
  • Despite the overbought status in the four-hour chart, the overall trend remains bullish above mains SMAs.

In Friday’s session, the NZD/JPY was seen at around 91.00, marking a 0.70% upward rally. On the larger canvas, the pair’s trajectory appears bullish, with buyers making strong headway on the daily chart. Meanwhile, the four-hour view suggests a heavier pressure with indicators seated deep in overbought territory, hinting at a potential downward correction in the short term.

From a technical perspective, the indicators on the daily chart reflect a strengthening bullish momentum. The Relative Strength Index (RSI) is approaching overbought conditions, which tend to be considered bearish but has not yet signalled reversal. The Moving Average Convergence Divergence (MACD) displays rising green bars, pointing towards a persistent bullish force. Furthermore, the pair’s position above its 20, 100, and 200-day Simple Moving Averages (SMAs) validates that the upward trajectory is not only a short-term fluctuation but also has solidification in a broader time frame. 

Zooming into the shorter time frame, the four-hour chart portrays a similar picture. The Relative Strength Index (RSI) stands above 30, and Moving Average Convergence Divergence (MACD) prints higher red bards aligning with the daily chart’s outlook.

 Although the overbought conditions may seem concerning for the buyers, the strength of the bulls is indisputable, painting a short-term bullish outlook. However, investors must consider potential profit-taking since significant overbought conditions generally lead to a near-term retracement. 

Support Levels: 90.50, 90.00, 89.90.
Resistance Levels: 91.15, 91.30, 91.50.

NZD/JPY daily chart

 

 

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