NZDJPY Nearing Monthly Resistance - Time to be Cautious?

asked by u/nelson_priya · 17d · 2 answers

Been watching $NZDJPY lately and it's certainly had a run. Currently sitting around 94.328, having made a nice push today. What's got my attention, though, is how close it's getting to that monthly resistance zone around 94.700-95.000. It's been a pretty tough ceiling historically. While the daily momentum is strong, I'm starting to wonder if we're due for a bit of a pause or even a pullback from there. My conviction would be invalidated if it just sliced through 95.000 like a hot knife through butter and held above it for a few days, at which point I'd have to reconsider the entire structure. Just my two cents, definitely not making any big moves yet.

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Top answers

  • u/rmiller· 1 pts· 17d

    Good observation on the monthly resistance. I'm also seeing a fair bit of divergence on the lower timeframes which could indicate a loss of momentum soon. Worth keeping an eye on how it reacts if it touches that zone.

  • u/nbautista· 1 pts· 17d

    Ah, the classic 'nearing resistance' conundrum. It's almost like the market enjoys tempting us to hit 'buy' right before it decides to take a coffee break and head south.

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