NZD/JPY Massively Overbought: Correcting Soon
NZD/JPY has been very bullish last few days. With great bullish action comes also the risk of reversal.
For the past few months the RSI and the red resistance area (currently a support area) have been working together in signalling an upcoming reversal.
Since NZD/JPY is very overbought & above the area of resistance, I think it would be a good idea to bet on a short term reversal. Exiting your short around the red area would be a good idea since its a heavily contested area between buyers and sellers.
For the past few months the RSI and the red resistance area (currently a support area) have been working together in signalling an upcoming reversal.
Since NZD/JPY is very overbought & above the area of resistance, I think it would be a good idea to bet on a short term reversal. Exiting your short around the red area would be a good idea since its a heavily contested area between buyers and sellers.
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