During Monday's session, the NZD/JPY pair experienced a slight retreat as the sellers tried pushing past a strong resistance at the 96.30 area.
Negative momentum nudges the NZD/JPY pair into a slight retreat, with consolidation continuing to dominate the trend. The sellers face a considerable barrier at the 96.30 area. The buying momentum continues to be limited. During Monday's session, the NZD/JPY pair experienced a slight retreat as the sellers tried pushing past a strong resistance at the 96.30 area.
The combination of these factors implies the potential for a continued period of consolidation, rather than a reversal of the uptrend seen recently. NZD/JPY daily chart This retreat is by no means a synonym for reversal. The outlook still remains positive, and the NZD/JPY pair continues to rest well above a healthy support level at 95.50. For the balance to tip in favor of the sellers, they would need to crack this support and break below the 20-day Simple Moving Average at 95.
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