NZD/JPY Price Analysis: Pair tumbles and eyes break of 90.00-92.00 range
- NZD/JPY fell 0.27% on Friday, trading near the 90.30 level.
- Pair tallied a 3-day losing streak and seems to be scaping the 90.00-92.00 range to the downside.
- RSI and MACD bearish, signaling potential further losses toward 90.00.
The NZD/JPY pair has been on a downward trajectory for the past three days, shedding 0.27% on Friday's session to close near the 90.30 level. This losing streak has seemingly broken the 90.00-92.00 range, with further losses possible.
The bearish outlook is supported by the Moving Average Convergence Divergence (MACD), which indicates a sell signal, and the Relative Strength Index (RSI), which is below 50 and declining, signaling increasing selling pressure.
NZD/JPY's three-day decline eyes to break the 90.00-92.00 range and the outlook could worsen if the pair loses further towards 90.00. Key resistance levels lie ahead at 90.50 and 90.60, while support can be anticipated at 89.90 and 89.70
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.
