NZD/JPY Price Analysis: Bulls don’t give up and continue climbing, might be time for a correction

The daily RSI shows strong buying momentum for the NZD/JPY, moving deep in positive territory. Parallelly, the daily MACD indicates green bars on a rising tendency, suggesting growing buying traction. A possible market correction may be imminent, as the daily RSI reaches near-overbought conditions. A slight decline in the hourly indicators signals a pause in buyers' at least for Thursday’s session. Although it stands at 92.

NZD/JPY daily chart On the hourly chart, the RSI moved steadily upwards from a negative to a positive trend. However, recent RSI levels are slightly lower as they seem to be correcting overbought conditions noted earlier in the session. NZD/JPY hourly chart In a broader context, the placement of the NZD/JPY relative to its Simple Moving Average , the cross pair is trading above its 20, 100, and 200-day SMA, suggestive of an upward trajectory.

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