- The NZD/JPY currency pair is in a downtrend and has lost value in four of the last six sessions.
- The RSI indicator is oversold and trending downward, which indicates increasing selling pressure.
- MACD is also negative and the histogram is rising.
Friday’s session saw the NZD/JPY pair fall by over 1% to 86.60, marking another day of losses. The pair has been in a downtrend over the past week, closing lower in four of the last six sessions. The overall technical outlook for the NZD/JPY pair is negative, with the pair likely to continue to decline in the near future.
The RSI is currently near 30, approaching oversold territory. The RSI slope is also decreasing, suggesting that selling pressure is increasing. The MACD is also negative, and the histogram is rising, indicating that selling pressure is increasing. However, oversold signals could indicate that the pair could be ready for a bullish correction to consolidate recent downside moves.
NZD/JPY Daily Chart
Downside support is at 86.00, 85.00 and 84.00, while resistance is at 88.00, 89.00 and 90.00.
