NZD/JPY Price Analysis: Bears hold the upperhand, bearish SMA crossover might intensify momentum

The RSI on the daily chart lies deep in negative terrain.
Inidicators on the hourly chart are showing a slight improvement.
The 20 and 100-day SMAs are about to complete a bearish crossover around 91.00.

Patricio Martín FXStreet

In Tuesday's session, the NZD/JPY pair is trading with a slight rise to 90.42, marking a 0.16% gain. Despite this, sellers retain dominance within the broader market scenario, hinting towards an entrenched bearish sentiment. Encouragingly though, hourly data suggests the potential for short-term bullish corrections, indicating a touch of buyer resilience.

On the daily chart, the Relative Strength Index (RSI) shows a predominantly negative trend, remaining in the negative territory in the last sessions. Concurrently, the Moving Average Convergence Divergence (MACD) histogram reveals rising red bars, indicating a rising negative momentum.

NZD/JPY daily chart

Moving on to the hourly chart, RSI values are inclining more towards the positive side, with the recent readings registered at 53. This shift may hint at a short-term gain in buyers' momentum. In addition, the hourly MACD histogram displays green bars, adding arguments for the recovering bullish momentum.

NZD/JPY hourly chart

Upon examining the broader perspective, the NZD/JPY has showcased significant bearish tendencies as its sits below its 20, 100 and 200-day Simple Moving Averages (SMA). In addition, a bearish crossover of the 20 and 100-day SMA at around 91.00 could precipitate even sharper declines.

Summarizing, sellers seem to have control over the NZD/JPY pair's direction on the daily chart. However, recent hourly data indicates potential short-term bullish corrections. Nevertheless, the prevailing trend is inclined towards further weakness, reinforced by the SMA positioning, and a potential bearish crossover.

NZD/JPY

Overview
Today last price	90.44
Today Daily Change	0.16
Today Daily Change %	0.18
Today daily open	90.28

Trends
Daily SMA20	90.95
Daily SMA50	91.17
Daily SMA100	90.55
Daily SMA200	89.16

Levels
Previous Daily High	90.7
Previous Daily Low	90.11
Previous Weekly High	91.25
Previous Weekly Low	90.17
Previous Monthly High	92.2
Previous Monthly Low	90.17
Daily Fibonacci 38.2%	90.34
Daily Fibonacci 61.8%	90.48
Daily Pivot Point S1	90.02
Daily Pivot Point S2	89.76
Daily Pivot Point S3	89.42
Daily Pivot Point R1	90.62
Daily Pivot Point R2	90.96
Daily Pivot Point R3	91.22

Author

Patricio Martín

FXStreet

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

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD extends gains toward 1.1700, eyes US PCE for fresh impetus

EUR/USD extends gains toward 1.1700 in European trading on Friday, revisiting seven-week highs. The pair continues to benefit from persistent US Dollar selling bias, despite a cautious market mood. Traders await the US September PCE inflation and UoM Consumer Sentiment data for fresh impetus.

GBP/USD holds gains near 1.3350 ahead of US data

GBP/USD sticks to a positive bias near 1.3350 in the European session on Friday. Traders prefer to wait on the sidelines ahead of the key US inflation and sentiment data due later in the day. In the meantime, broad-based US Dollar weakness keeps the pair underpinned.

Gold holds firm below $4,250, awaits US PCE inflation data

Gold holds gains while below $4,250 in European trading on Friday. Traders now seem reluctant and opt to move to the sidelines ahead of the September PCE Price Index, the Federal Reserve's preferred inflation gauge.

Pi Network: Bearish streak nears critical support trendline

Pi Network edges lower on Friday for the third consecutive day, approaching a local support trendline. The on-chain data suggests an increase in supply pressure as Centralized Exchanges experience a surge in inflows. Technically, the pullback in PI risks further losses, as the Moving Average Convergence Divergence indicator is flashing a sell signal.

Canada Unemployment Rate expected to edge higher in November ahead of BoC rate decision

Statistics Canada will release its Labour Force Survey on Friday, and markets are bracing for a weak print. The Unemployment Rate is expected to tick higher to 7% in November, while the Employment Change is forecast to come in flat after a nice gain in October.

Pi Network Price Forecast: Bearish streak nears critical support trendline

Pi Network (PI) edges lower on Friday for the third consecutive day, approaching a local support trendline. The on-chain data suggests an increase in supply pressure as Centralized Exchanges (CEXs) experience a surge in inflows.