Overall Trend:
NZDJPY has been in an uptrend.
Recent price action shows higher lows, indicating bullish momentum.
Key Technical Points:
Support and Resistance Levels:
The pair is approaching a support zone near 92.585.
This level has held previously, suggesting potential buying interest.
Bullish Divergence:
On the RSI and MACD, we observe bullish divergence.
This signals a potential reversal to the upside.
Triple Bottom Formation:
A triple bottom pattern has formed.
This pattern often precedes a bullish move.
Fibonacci Retracement:
The entry zone lies between 38.2% and 61.8% Fibonacci retracement levels.
This aligns with the triple bottom formation.
Oversold Conditions:
Despite the downtrend, NZDJPY is oversold on the 2-hour timeframe.
A bounce from this level is likely.
Exhaustion Near Resistance:
Be cautious as the pair approaches a resistance zone.
It may experience exhaustion or a pullback.