In Friday’s trading session, the NZD/JPY pair saw further losses, with the cross ending the week with a near 2% decline. Sellers are currently pointing towards the 100-day SMA as a key level to watch. The pair dropped to 94.65, reflecting a 0.50% decrease, despite a slight rebound on Thursday. This consistent negative momentum highlights the bearish outlook for the NZD/JPY pair.
The daily technical indicators support the dominance of bears, with the RSI entering oversold territory and the MACD showing sustained selling pressure with rising red bars. Despite Thursday’s rebound, the overall trend remains downwards. However, the RSI below 30 could indicate a potential upward correction in the near future. The NZD/JPY daily chart illustrates this bearish sentiment.
With the bearish sentiment firmly in place, immediate support levels are now situated at 94.50 and the 100-day SMA at 94.00. A break below these levels could confirm the short-term bearish trend. On the other hand, resistance levels are at 95.00, 95.50, and 96.00, serving as potential barriers for any upward movements. Traders are closely monitoring these levels for potential shifts in the market.
The NZD/JPY pair’s performance in Friday’s trading session underscores the ongoing bearish momentum, with a significant decline of nearly 2% for the week. Sellers are currently focusing on the 100-day SMA as a key level of interest. Despite a brief rebound on Thursday, technical indicators continue to support the bearish outlook, with the RSI in oversold territory and the MACD showing sustained selling pressure.
Looking ahead, traders are keeping a close eye on support levels at 94.50 and the 100-day SMA at 94.00 as potential indicators of a further downward trend. Resistance levels at 95.00, 95.50, and 96.00 could provide crucial barriers for any potential upside movements. The NZD/JPY daily chart showcases the bearish sentiment prevailing in the market, highlighting the importance of monitoring key levels for potential trading opportunities.
