NZD/JPY Price Analysis: Bears pull the cross dow n the 20-day SMA, bulls must step in

The NZD/JPY pair facing a notable downshift towards 89.95.
Negative incline and territory of the daily chart's RSI signals strong selling momentum.
Four-hour-chart indicators allude to intensifying bearish sentiment, despite SMAs endorsing bullish outlook on a wider scale.

Patricio Martín FXStreet

On Monday's session, the NZD/JPY pair was observed at 89.95. Technically speaking, the selling pressure is visible on the daily chart, with bears gaining ground, while the four-hour chart revealed signs of gloom with indicators diving into negative territory.

Looking at the indicators on the daily chart, it is reflected that the bears are currently dominating. The Relative Strength Index (RSI) is on the negative side with a declining slope, indicating a bearish sentiment in the market. Similarly, the Moving Average Convergence Divergence (MACD) portrays a bearish scenario with rising red bars. Tha being said, although the pair is trading below the 20-day Simple Moving Average (SMA), it is still above the 100 and 200-day SMAs implying a strong grip by bulls in the long run. However, the bulls need to garner more momentum to dominate the shorter time frames.

Shifting focus to the shorter time frame, the selling pressure is also the dominant force. The RSI on the four-hour chart is showing signs of entering oversold conditions, hinting at an imminent pullback. Similarly, the MACD on this timeframe continues to print red bars, adding fuel to the prevailing selling momentum. In summary, despite the broader bullish control, the bears seem to be dictating the short-term moves.

NZD/JPY technical levels

NZD/JPY

Overview
Today last price	89.99
Today Daily Change	-0.57
Today Daily Change %	-0.63
Today daily open	90.56

Trends
Daily SMA20	90.01
Daily SMA50	89.91
Daily SMA100	89.02
Daily SMA200	87.63

Levels
Previous Daily High	90.7
Previous Daily Low	90.31
Previous Weekly High	90.8
Previous Weekly Low	89.89
Previous Monthly High	91.52
Previous Monthly Low	87.69
Daily Fibonacci 38.2%	90.55
Daily Fibonacci 61.8%	90.46
Daily Pivot Point S1	90.35
Daily Pivot Point S2	90.13
Daily Pivot Point S3	89.96
Daily Pivot Point R1	90.74
Daily Pivot Point R2	90.92
Daily Pivot Point R3	91.14

NZD/JPY daily chart

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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