The NZD/JPY pair experienced a 0.90% decline on Wednesday, signaling a continuation of its recent losses. With the Relative Strength Index (RSI) hovering near 30, intense selling pressure is evident. The Moving Average Convergence Divergence (MACD) also shows flat green bars, indicating a neutral bearish momentum.
Currently trading at 88.35, the NZD/JPY pair has been on a downward trend since the beginning of the month. While a brief recovery was observed in recent sessions, the overall outlook remains bearish. The pair has broken below the key support level of 88.50, with potential support levels at 88.00 and 87.50. On the upside, resistance levels are at 89.00 and 89.50.
Analysis: The decline in NZD/JPY suggests a bearish trend with potential support and resistance levels to watch. Investors should monitor the RSI and MACD for further insight into market sentiment and potential price movements.