NZD/JPY Price Analysis: Bears intensify their grip, bulls must defend SMAs

The NZD/JPY gave up daily gains and trades with losses in the American Session. The hourly chart, shows indicators moving towards oversold terrain. On the daily chart, indicators stand mostly flat. In Monday's trading, the NZD/JPY reversed its course and gave up daily gains to decline towards 90.60. Recent movements show an intensification of seller activity as indicators slowly move towards oversold territory while on the daily chart the selling traction somewhat flattened.

However, as short-term indicators seem to be moving towards oversold territory, it could pave the way for a short-term recovery to consolidate losses. NZD/JPY hourly chart In conclusion, while indicators appear to have turned flat on the daily chart, the selling momentum intensified in the hourly chart, suggesting that the pair could suffer more pain for the rest of the session.

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