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Reading: NZD/JPY Price Analysis: Continuing Downward Trend, Bulls Unable to Halt Decline
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Gulf Press > Business > Forex > NZD/JPY Price Analysis: Continuing Downward Trend, Bulls Unable to Halt Decline
Forex

NZD/JPY Price Analysis: Continuing Downward Trend, Bulls Unable to Halt Decline

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Last updated: 2024/08/03 at 7:26 PM
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The NZD/JPY pair is currently in a bearish trend, with key support levels being broken and consecutive negative sessions indicating a strong downward momentum. However, there may be a glimmer of hope as the Relative Strength Index (RSI) shows extreme oversold conditions, suggesting a potential stabilization in trading in the near future.

The currency pair has experienced a significant decline of over 7% in recent weeks, falling below the important 200-day Simple Moving Average (SMA). Despite the steady drop, the RSI being below 20 indicates a period of selling pressure that may lead to a reversal in the trend. Additionally, the Moving Average Convergence Divergence (MACD) is showing an increase in selling momentum, further supporting the bearish outlook.

In terms of support and resistance levels, the NZD/JPY pair is currently struggling to hold the support levels at 87.00, 86.50, and 86.00, while facing resistance at 89.00 and potentially at the 200-day SMA near 92.00. These levels will be crucial in determining the future direction of the pair and whether there will be any potential for a reversal in the current downward trend.

Investors and traders following the NZD/JPY pair should closely monitor the RSI and MACD indicators for any signs of a reversal in the trend. The extreme oversold conditions of the RSI and the increasing selling momentum depicted by the MACD could potentially signal a turning point in the pair’s movement, leading to a more stable trading environment in the near future.

In conclusion, the NZD/JPY pair remains in a bearish trend, with key support levels being breached and consistent negative sessions indicating a strong downward momentum. However, technical indicators such as the RSI and MACD suggest potential stabilization in trading and a possible reversal in trend. Traders and investors should closely monitor support and resistance levels to determine the future direction of the pair and capitalize on any potential opportunities that may arise.

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News Room August 3, 2024
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