NZD/JPY Price Analysis: Four-day losing streak intensifies as cross plunges deeper
- Monday's session saw a further 0.45% decline in the NZD/JPY pair, reinforcing the bearish momentum.
- The cross extends its losses, marking a four-day bearish streak with a cumulative drop of more than 2.50% since last week.
- Indicators increasingly burrow into the negative zone, edging dangerously close to oversold conditions.
On Monday, the NZD/JPY registered a substantial decline of 0.45% to end at 96.15. This led the cross to culminate a quadruple daily loss, sparking off from last week. The net plummet has thus far exceeded 2.50%.
The daily technical signals continue to display unabated negative conditions. The Relative Strength Index (RSI), currently at 36, has tanked further and the Moving Average Convergence Divergence (MACD) concurs with this scenario by demonstrating growing selling activity with the printing of ascending red bars.
NZD/JPY daily chart
Given the intensified bearish conditions, immediate support levels are found at 96.00 and 95.50. A breach below these levels, especially the potent support at 95.50, would further validate and confirm the bearish perspective. Conversely, levels of resistance are now situated at the former support thresholds of 97.00, the 20-day Simple Moving Average (SMA) at 97.70, and the critical level of 98.00.
Author
Patricio Martín
FXStreet
Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.
