On Wednesday, the NZD/JPY pair saw a formidable rebound from the 20-day Simple Moving Average (SMA) at 95.50, launching upward towards 96.75.
The Kiwi retakes control against the Yen on Wednesday, bouncing off the 20-day SMA and surging towards 96.75. Despite the buyers' push, the pair is likely bound to a consolidation period. The established fortification around the 20-day SMA serves as a guard against further declines. On Wednesday, the NZD/JPY pair saw a formidable rebound from the 20-day Simple Moving Average at 95.50, launching upward towards 96.75.
NZD/JPY daily chart While buyers displayed renewed energy, the consolidation phase established after the impressive sprint from near 91.00 to 96.00 in May seems to hold sway. This likely indicates that the bullish contingent may need a breather before mounting further upwardmovements. For buyers to reaffirm their hold, they would need to overcome the 97.00 resistance, opening the gates for another ascension towards new highs.
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