Thoughts on NZDJPY at these highs
Watching $NZDJPY today, it's been a bit of a grind higher, tapping 92.348 just a bit ago. It feels like we're bumping up against a resistance zone that's been in play for a little while now. I'm looking at the area around 92.35-92.40 as a potential inflection point. If we can't get a sustained push above that, especially on this kind of volume, I'd expect to see some consolidation or a retracement back towards the 92.00 mark. Of course, a clean break above 92.40 and holding it would suggest the next leg up is on, but for now, it feels a bit toppy for my liking. Always good to remember that markets can stay irrational longer than you can stay solvent, or so they say.
"Grind higher" is a good description. The daily candle looks a bit stretched. What's your take on the momentum indicators at these levels?