NZD/JPY Price Analysis: Cross extends gains to multi-year highs around 97.50

Buyers successfully clear previous losses, stabilizing the cross at 97.80
The 20-day SMA at 96.60 remains an important support, defending against sellers' attempts.
Approaching overbought conditions suggests a potential correction, although the overall outlook remains positive.

Patricio Martín FXStreet

On 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. The potent performance fortified the bullish sentiment, with the pair glowing at highs not seen since July 2007, but in entered the Asian session on a neutral note. In the last sessions, the 20-day Simple Moving Average (SMA) at 96.60 has emerged as strong support, with sellers yet unable to breach this level, serving to further solidify the positive outlook.

The daily Relative Strength Index (RSI) currently reads 67, indicating higher momentum than Friday's reading and continues to suggest an upward trend. Meanwhile, the Moving Average Convergence Divergence (MACD) for Monday presents a fresh green bar, indicating increased buying pressure. However, investors are advised caution as the RSI nears the overbought threshold, hinting at the possibility of a near-term correction.

NZD/JPY daily chart

The bulls' resilience in maintaining positions above the 20-day SMA remains steadfast. This, combined with the approaching overbought daily technical indicators, further reinforces the positive technical outlook of the Kiwi against the Yen.

In subsequent trading sessions, the cross may fluctuate between the immediate support at 97.00 and the resistance target at 98.00. Investors should monitor these levels for a break above the consolidation range, indicating continued upward movement, or a breach below the 20-day SMA, which could signal a deeper correction. The 97.30 area also showed itself as a strong support.

NZD/JPY

Overview
Today last price	97.79
Today Daily Change	0.01
Today Daily Change %	0.01
Today daily open	97.78

Trends
Daily SMA20	96.59
Daily SMA50	94.58
Daily SMA100	92.98
Daily SMA200	91.16

Levels
Previous Daily High	97.8
Previous Daily Low	97.08
Previous Weekly High	97.8
Previous Weekly Low	96.09
Previous Monthly High	96.74
Previous Monthly Low	90.83
Daily Fibonacci 38.2%	97.53
Daily Fibonacci 61.8%	97.36
Daily Pivot Point S1	97.31
Daily Pivot Point S2	96.84
Daily Pivot Point S3	96.6
Daily Pivot Point R1	98.03
Daily Pivot Point R2	98.27
Daily Pivot Point R3	98.74

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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