The NZD/JPY pair saw gains on Monday, but signs point to a weakening bullish trend. The RSI is below 30, indicating strong bearish momentum, while the MACD shows red bars, signaling steady selling pressure. If bulls can’t break through the 89.00 mark, we may see a return to downside movements.
Despite the bearish outlook, there is hope as trading volume remains low, suggesting a possible easing of selling pressure. Immediate support lies at 88.00, with a break potentially leading to a test of the 87.80-88.50 range. On the upside, a breakthrough at 89.00 could see a retest of the 90.50 zone.