NZDJPY: Is the carry trade starting to look a bit too crowded?

Been watching $NZDJPY lately, and while the carry is certainly tempting, it feels like everyone's piling in. We're at 94.88833 now, flirting with those daily highs around 95.021. The RBNZ's hawkish stance is well-priced in, almost to the point where any slight deviation could trigger some profit-taking. Wondering if it's getting a bit frothy up here, or if the momentum has enough legs to push past 95 convincingly. My watchlist is on high alert for any cracks in that narrative.

On the other other hand, looking at something like $TRYUSD at 0.02121458, it's just... Turkish lira. Enough said. And $MXNJPY, currently at 9.26211, is offering a decent carry but the volatility can be a wild ride. Thinking about rotating some exposure if NZDJPY starts to show signs of exhaustion. Just food for thought.