NZD/JPY experiences a slight retreat, moving towards the 98.60 mark. Immediately identifiable supports are established at 98.00 and 97.00. In its ongoing traverse of unexplored territories, the pair could potentially test the 99.00-100.00 range. This comes after buyers paused their aggressive move, having recently elevated the pair to highs unseen in decades, peaking near the 99.00 mark.
However, with the RSI still relatively high, the bullish momentum cannot be disregarded entirely. The Moving Average Convergence Divergence appears in flat green bars, reinforcing arguments suggesting overextended movements and a potential pullback. NZD/JPY daily chart Moving forward, it is expected that the pair could maintain its bullish trajectory, remaining above the 20-day, 100-day, and 200-day Simple Moving Averages .