NZD/JPY Price Analysis: Bears in control, eyeing 88.00
- NZD/JPY extends its downward momentum, falling to 89.00.
- The RSI has dropped to 45, falling from 60, indicating a sharp decline in buying pressure.
The NZD/JPY pair is holding onto its bearish bias, selling off Wednesday's session. Technical indicators point to bears gaining control, and the pair may slide lower in the near term.
The Relative Strength Index (RSI) has plummeted to 45, indicating that selling pressure is increasing. This reading suggests that the pair is likely to continue its downward movement and challenge the support at 88.00. The Moving Average Convergence Divergence (MACD) has also turned bearish, with the MACD printing falling green bars, indicating that the bearish momentum is gathering strength.
NZD/JPY daily chart
The NZD/JPY pair seems to be losing ground, with negative technical indicators and a falling RSI. After falling below the 20-day SMA at 89.60, bears seemed to have gathered enough momentum to continue pushing the pair lower, with 88.70, 88.50, and 88.30 presenting strong barriers to the sellers.
Author
Patricio Martín
FXStreet
Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.
