NZD/JPY closes its worst week in 2023, bears rejected at the 100-day SMA

NZD/JPY tallied a 2.60% weekly decline, its worst since December 2022.
On the daily chart, indicators favor the bears in the short term.
On the four-hour chart, bears stepped out to consolidate their recent movements.

Patricio Martín FXStreet

At the end of the week, the NZD/JPY declined to 88.75, seeing nearly 0.25% losses, after reaching a low of around 87.95 at the 100-day Simple Moving Average (SMA).

Overall, the outlook is bearish for the short term, but bulls dominate the larger time frames. The daily Relative Strength Index (RSI) printed a negative slope below 50, while the rising red bars on the Moving Average Convergence Divergence (MACD) indicate that the bears are gaining ground.

Concerning Simple Moving Averages (SMAs), the cross stands below the 20-day average but above the 100-day and 200-day SMAs which indicates that on the broader scale, the bulls are still in command in the broader scale, and as long as the bears fail to conquer those averages their momentum won’t be enough to reverse the overall trend.

Zooming, the four-hour chart indicators flattened in negative territory. The Relative Strength Index (RSI) stands neutral just above the oversold threshold, while the MACD prints flat red bars which suggest that bears seem to be consolidating the recent downward movements.

Support Levels: 88.55, 88.15 (100-day SMA), 87.70.
Resistance Levels: 89.25, 89.80, 90.00 (20-day SMA).

NZD/JPY daily chart

NZD/JPY

Overview
Today last price	88.75
Today Daily Change	0.06
Today Daily Change %	0.07
Today daily open	88.69

Trends
Daily SMA20	90.22
Daily SMA50	89.17
Daily SMA100	88.17
Daily SMA200	86.57

Levels
Previous Daily High	90.8
Previous Daily Low	87.69
Previous Weekly High	91.52
Previous Weekly Low	90.23
Previous Monthly High	91.38
Previous Monthly Low	87.56
Daily Fibonacci 38.2%	88.88
Daily Fibonacci 61.8%	89.61
Daily Pivot Point S1	87.32
Daily Pivot Point S2	85.95
Daily Pivot Point S3	84.21
Daily Pivot Point R1	90.43
Daily Pivot Point R2	92.17
Daily Pivot Point R3	93.54

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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