On Tuesday, the NZD/JPY pair noted neutral movements as indicators retreated from overbought levels, and the cross called for a slight correction.
The daily chart's Relative Strength Index (RSI) which approached overbought levels on Monday has shown a decline, indicating a potential cooldown in the bullish run observed last week. Even as the bullish drive remains the leading factor for this pair, the Moving Average Convergence Divergence (MACD) manifests red bars, implying that the recent bullish acceleration might be easing off.
Looking ahead, in case of further correction, immediate support is currently seen at 97.50, and near the 20-day Simple Moving Average (SMA) at the 97.00 mark. Buyers ought to concentrate on defending these levels prior to targeting newer peaks.