NZD/JPY Price Analysis: Downward continuation, bulls fail to stop the bleeding

The NZD/JPY maintains its bearish outlook, shattering key support levels with consistent negative sessions.
The chance for any salvation relies on the drastic dip in the RSI in the oversold terrain.

Patricio Martín FXStreet

The NZD/JPY pair persists in its downward movement, now slipping below the key 89.00 level. The cross pair has consecutively recorded losses, exhibiting a bearish image, and reinforcing a robust bearish momentum. Compared to recent weeks, the currency pair has declined by over 7%, beneath the crucial 200-day Simple Moving Average (SMA).

Even as the pair continues its steady drop, daily technical indicators such as the Relative Strength Index (RSI) are indicating extreme oversold conditions. Such conditions potentially hint towards a nearing phase of stable trading, despite the persistent falling. The RSI is marked well below 20, suggesting a prolonged period of selling pressure. This extended sell-off may also be indicative of an impending reversal in trend. Correspondingly, the Moving Average Convergence Divergence (MACD) reveals a series of rising red bars, illustrating an increase in selling momentum.

NZD/JPY daily chart

Located below the 90.00 level, the pair is striving to hold a significant support level at 87.00, 86.50, and 86.00. Conversely, resistances are observed around 89.00, followed by more robust resistance around the 200-day SMA, potentially near 92.00.

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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