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NZD/JPY PRICE ANALYSIS: BULLISH MOMENTUM SUSTAINS, POTENTIAL CORRECTION LOOMS ON OVERBOUGHT CONDITIONS

Wulan Viana
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  • The daily chart flashes overbought signals but the overall trend favors the bulls.
  • Post achieving multi-year highs over 96.70, NZD/JPY shows a possibility for a healthy technical correction.
  • The pair has a strong support level at 95.00, a crucial point for buyers to defend to contain potential losses.

On Tuesday's session, the NZD/JPY pair rose to 96.62 it highest level since July 2007. The outlook has shifted to cautious, with signs of a possible reversal in momentum as indicators flash overbought signals, but the overall bullish outlook remains intact.


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