In Tuesday's session, NZD/JPY is trading at 91.36, registering an uptick of 0.74%.
The positive outlook on the daily chart improved but bulls aren’t yet in command. the RSI was seen above 70 in recent hours, which may lead to a consolidation. To prevent any potential losses, the bulls must defend the key SMAs. In Tuesday's session, NZD/JPY is trading at 91.36, registering an uptick of 0.74%. Despite some signals of a consolidation incoming, the market sees dominance by buyers, which leads to a broader bullish outlook.
An RSI above 70 suggests an overextended buying momentum which typically leads to a downward consolidation NZD/JPY hourly chart In conclusion, both daily and hourly analyses point to a bullish outlook for the NZD/JPY pair. Traders should monitor the MACD for continued red bar reduction or a shift to green bars, and the RSI to see if it remains within or moves away from the overbought territory in the hourly chart.
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