The NZD/JPY pair continues to see a decline in price, reaching the 89.00 level amidst increasing selling pressure. Technical indicators point to a bearish trend, suggesting further downside potential in the short term.
The Relative Strength Index (RSI) has dropped to 45 from 60, indicating a significant decrease in buying pressure. This decline in RSI suggests that the pair is likely to continue moving lower and may test the support level at 88.00. Additionally, the Moving Average Convergence Divergence (MACD) has turned bearish, with falling green bars signaling strengthening bearish momentum.
NZD/JPY Daily Chart Analysis
The NZD/JPY pair is showing signs of weakness on the daily chart, with negative technical indicators and a declining RSI. Breaking below the 20-day Simple Moving Average (SMA) at 89.60, bears are gaining momentum to push the pair lower. Key support levels at 88.70, 88.50, and 88.30 are likely to pose significant barriers for sellers.
Overall, the NZD/JPY pair is currently in a bearish trend, with indicators pointing towards further downside movement. Traders should closely monitor key support levels and market developments to make informed trading decisions.