Adam posted earlier about NZD/JPY‘s tentative participation in relative yen strength. I wanted to take a minute to elaborate that from some of the long term time views. I’m talking monthly, weekly, and then, you know, for scalpers, the daily.
First up, the monthly:
The all time high close is just above 93 and the all-time intraday high is above 97. And look at that monthly RSI.
We’re currently sitting around 500-pips from the all time high. The last three months all failed in their run at 90. But, maybe the weekly chart is more optimistic for bulls.
To me, the weekly makes the case even tougher. From this view it seems like the run above 90 to 93 was a bullish anomaly since it was so firmly rejected into a lower range before tumbling in the crisis. Again, banging on the door of 90 for a few weeks to no avail. So which is it? Jump on the nice enough and it breaks or should bulls take a hint — 90+ is just not that into you. Maybe the daily chart can clear things up.
A run to 89.93 then a pullback, then a run to 89.28, then confusion. Then add in a strong-ish yen recently. What’s the bull case from these charts? Best thing I see here is that, unlike the monthly and weekly, the daily chart is not oversold on the RSI.
What do you guys see?
