Note

NZD/JPY Price Analysis: Pair resumes downward trajectory, reaches lows since September

· Views 7
  • NZD/JPY fell 0.94% on Tuesday to trade near 89.20.
  • The pair has tallied a four-day losing streak, now at lows since September 20.
  • Technical indicators are signaling continued weakness for the pair, suggesting potential for further losses.

The NZD/JPY pair continued its downward trajectory on Tuesday, falling 0.94% to trade near 89.20. This marked the fourth consecutive day of losses for the pair, bringing it to its lowest level since September 20.

The pair's downtrend was further evident in the oversold the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) histogram, both of which corroborated the bearish outlook. This is reinforced by the fact that the cross has broken out of the sideways trade pattern seen since late September, so the pair may see further weakness. On the bright side, there may be an upwards correction as sellers may take a breather after the losing streak, but the overall outlook remains negative.

NZD/JPY daily chart

NZD/JPY Price Analysis: Pair resumes downward trajectory, reaches lows since September

Share: Feed news

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

FOLLOWME Trading Community Website: https://www.followme.com

If you like, reward to support.
avatar

Hot

No comment on record. Start new comment.