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NZD/JPY Price Analysis: Bearish momentum overpowers, buyers struggle to retake the 20-day SMA

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NZDJPY News

Crosses,Currencies,Technical Analysis

The NZD/JPY is trading at the 91.14 level, securing some daily gains after peaking at a daily high of 91.60.

The daily RSI and MACD reveal a weaker NZD/JPY, pointing towards bearish momentum. The negative trend is stronger on the hourly chart. Despite short-term bearish inclination, the cross position above main SMAs signifies a bullish sentiment in the longer term. Despite a bearish short-term trend, the pair maintains a bullish position over the longer term, being positioned above key Simple Moving Averages . For the short term, bears seem to be gearing up and bulls starting to weaken.

NZD/JPY daily chart Switching to the hourly chart, the RSI similarly shows lower readings, with the latest value at 43, signaling a stronger negative trend in this time frame. Additionally, the MACD histogram shows an increase in red bars, reinforcing the negative momentum. This shift could indicate an increase in selling pressure during recent trading sessions and that the cross may see further downside ahead of the Asian session.

 

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