BOJ members have been busy!
A bullish breakout of the March consolidation could draw in more NZD/JPY bulls and push the pair to a new upswing. NZD/JPY could revisit areas of interest like 92.00 or its previous 93.45 highs, or even make new 2024 highs if there’s enough fundamental catalyst.
What do you think? Can NZD/JPY extend its uptrend in the next few days?
If more traders are convinced that the BOJ is entering a hawkish era, then JPY may gain traction, and counterparts like NZD may attract sellers.
In this case, NZD/JPY’s consolidation also lines up with a resistance zone from late 2023 and the 61.8% Fibonacci retracement of February’s upswing. What’s more, Stochastic is signaling a possible departure from the pair’s “oversold” conditions!
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