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.
Ah, the old "grind higher into resistance" special. Always a crowd-pleaser for those of us who enjoy watching paint dry, then suddenly explode. So, are you leaning towards the 'explosion of profit' or 'explosion of margin call' variety?