NZD/JPY Price Analysis: Pair retreats to 88.00 as bearish consolidation continues
- NZD/JPY declined by 0.69% on Tuesday, settling at 88.10 as selling pressure persists.
- Indicators consolidate losses, with RSI sharply declining to 39 and MACD printing flat red bars.
- Bearish momentum remains dominant, following a breakout from a sideways range between 90.00 and 92.00.
The NZD/JPY pair continued its downward trajectory on Tuesday, retreating to 88.10 amid ongoing bearish pressure. This decline builds on the pair's recent breakout from a clear sideways trading range between 90.00 and 92.00, signaling a shift in sentiment toward sustained selling.
Technical indicators confirm the bearish outlook. The Relative Strength Index (RSI) has declined sharply to 39, remaining in negative territory and reflecting intensifying downward momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator shows flat red bars, suggesting a pause in momentum as the pair consolidates recent losses.
For any recovery, NZD/JPY would need to reclaim the 88.50 level as a first step, followed by a test of the psychological 89.00 barrier. On the downside, the pair remains vulnerable to further declines, with immediate targets at 87.50 and potentially extending to the 85.00-86.00 support zone if bearish momentum persists.
NZD/JPY daily chart
Reprinted from FXStreet，the copyright all reserved by the original author.
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
Hot
No comment on record. Start new comment.