NZDJPY Daily Chart (25/03/2024), Price at 90.869
1. Above is the Technical Analysis for NZDJPY Daily Chart dated 25/03/2024, which shows that currently NZDJPY is moving uptrend (above the Daily Trendline)
2. However, from my TA study, I note that the NZDJPY currently though moving uptrend but the momentum of movements become less and slowdown compared to June to December 2023 period.
3. This shows that the current NZDJPY is escalating the momentum for next big moves, or in other ways we understand that the market volume is taking longer period to exchange and pool up big volumes while waiting for next IMBALANCE breaks up / down.
4. Thus from my fundamental overview, I note that the current global inflation have been tamed after global banks take interest hikes, and so as RBNZ too (Interest Rate at 5.50% since May 2023).
5. Besides, seeing the recent New Zealand Annual Growth (GDP) has been contracted for past 6-month, and Job employment data start to slowdown, I am expecting the NZD might on weaken soon.
6. As my conclusion, seeing through fundamental and technical study, I expect the odds of NZDJPY has less catalyst to move further uptrend BUT it has been escalating the momentum for bearish moves in big possibilities. Thus my BIAS is to SELL / Short NZDJPY IF I get clear market Key Reversal signal soon.