NZD/JPY Price Analysis: Potential pullback, as the pair struggles to surpass 99.00

• 
  The
  NZD/JPY
  sees
  a
  slight
  rise,
  inching
  towards
  98.80.
• 
  Bulls
  keep
  getting
  rejected
  by
  the
  99.00
  area.
• 
  Immediate
  supports
  are
  poised
  at
  98.00
  and
  97.70,
  as
  likely
  areas
  for
  possible
  downward
  corrections.

In
the
Tuesday
trading
session,
the
NZD/JPY
pair
exhibited
a
minor
uptick,
hovering
near
the
99.00
mark.
However,
it
seems
to
have
hit
a
ceiling
at
this
level
and
is
struggling
to
break
past
it.

In
terms
of
the
daily
chart,
the
Relative
Strength
Index
(RSI)
is
currently
at
71,
a
mild
increase
from
Monday’s
reading.
While
this
increase
indicates
a
slight
surge
in
the
bullish
momentum,
the
continued
stay
of
the
RSI
in
the
overbought
zone
may
suggest
that
a
pullback
is
possible.
The
Moving
Average
Convergence
Divergence
(MACD)
reflects
with
decreasing
green
bars,
which
may
support
the
perspective
of
overextended
movements
and
a
likely
pullback.

NZD/JPY
daily
chart

In
the
event
of
a
downward
correction,
immediate
support
is
seen
around
the
98.00,
97.70
(20-day
SMA)
and
97.00
markers.
Buyers
need
to
focus
on
sustaining
these
levels
before
attempting
to
achieve
new
highs.
If
the
97.00
level
successfully
combats
the
bearish
forces,
buyers
may
seek
to
retest
the
99.00
area,
and
potentially
the
100.00
level.