NZDJPY Nearing Monthly Resistance - Time to be Cautious?
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.
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.