NZD/JPY Price Analysis: Bears maintain grip and further descend beneath 200-day SMA

Monday's trading session saw a mild downward deviation in the NZD/JPY.
Losses materialized in thirteen of the past fourteen sessions, pointing to an intensifying bearish tendency.
Sellers retain the upper hand, having plummeted beyond the pivotal 200-day SMA.

Patricio Martín FXStreet

In Monday's trading session, the NZD/JPY pair slightly declined and dropped to 90.50, marking a continuation of the downward trend. The pair has witnessed losses in thirteen out of the last fourteen sessions, strengthening the bearish trend substantially. Since the beginning of July, the cross has now plunged by over 7%, positioning itself significantly below the vital 200-day Simple Moving Average (SMA).

Despite this seemingly relentless journey south, daily technical indicators deep in oversold territory suggest a potential for a looming side-ways trading period. The Relative Strength Index (RSI) is now at 14, sinking further into oversold territory. Moreover, the Moving Average Convergence Divergence (MACD) continues to print decreasing red bars, indicating that the selling pressure is easing off.

NZD/JPY daily chart

With the pair now below 91.00, bulls will need to defend levels at 90.50, 90.30, and 90.00 to prevent further losses. On the other hand, resistance levels reside at the previous points of 92.15 (200-day SMA), 92.50, and 94.20 (100-day SMA).

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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