NZD/JPY Price Analysis: Bearish signals intensify short-term, long-term bullish trend remains

Bearish pressure intensified on the daily chart, and the pair lost the 20-day SMA.
As the pair lies deeply oversold on the hourly chart, buyers might start taking profits.

Patricio Martín FXStreet

The NZD/JPY pair is trading at 90.748, marking a significant dip of 0.98%. Despite the presence of strong selling pressure, the pair persistently resides above its 100 and 200-day Simple Moving Averages (SMAs). This suggests a dominant bullish force in long-term time frames. But the fact the sellers conquered the 20-day average, paints the short-term outlook with a negative tone.

Based on the indicators of the daily chart, some important dynamics can be observed. The Relative Strength Index (RSI), currently at 43, resides in the negative territory. This position, coupled with its falling, suggests a dominance of sellers in the market for now. In addition, the Moving Average Convergence Divergence (MACD) histogram reveals rising red bars, further substantiating the negative momentum.

NZD/JPY daily chart

Shifting to the hourly chart, the RSI shows a value of 23, indicating that the pair is deeply oversold. Compared to the daily chart, an amplified negative trend is apparent. However, the MACD on this shorter time frame similarly showcases flat red bars, emphasizing the current bearish momentum but a less intense grip which might suggest that the pair might start consolidating.

NZD/JPY hourly chart

If the bulls want to maintain the overall bullish trend, they must defend the 100 and 200-day SMAs. In case lost, the bearish pressure might intensify further. In the meantime, they could act as a support for sellers to consolidate their downward movements.

NZD/JPY

Overview
Today last price	90.8
Today Daily Change	-0.82
Today Daily Change %	-0.90
Today daily open	91.62

Trends
Daily SMA20	91.51
Daily SMA50	91.13
Daily SMA100	90.45
Daily SMA200	89.07

Levels
Previous Daily High	92.2
Previous Daily Low	91.58
Previous Weekly High	91.22
Previous Weekly Low	90.37
Previous Monthly High	93.45
Previous Monthly Low	89.26
Daily Fibonacci 38.2%	91.82
Daily Fibonacci 61.8%	91.96
Daily Pivot Point S1	91.4
Daily Pivot Point S2	91.18
Daily Pivot Point S3	90.78
Daily Pivot Point R1	92.02
Daily Pivot Point R2	92.43
Daily Pivot Point R3	92.65

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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