- Analytics
- News and Tools
- Market News
- NZD/JPY Price Analysis: Pair declines to lows since early January, 90.00 support gone
NZD/JPY Price Analysis: Pair declines to lows since early January, 90.00 support gone
- NZD/JPY sharply declined below 90.
- Resistance is seen at 90.50, while key support is at 88.70.
- RSI indicates oversold conditions, and MACD shows persistent bearish momentum.
In Wednesday's session, the NZD/JPY declined by more than 1% to 89.20, its lowest level since January. This drop reflects increased selling pressure as the pair continues to struggle below key resistance levels.
The pair encountered resistance at 90.50, a level it has failed to breach in recent sessions. If the downward trend continues, immediate support is expected around 88.70, a crucial level to watch for any potential rebounds. Technical indicators suggest a bearish outlook. The Relative Strength Index (RSI), currently at 15, signals oversold conditions, hinting at possible corrective bounces. However, the Moving Average Convergence Divergence (MACD) flat red bars indicate ongoing bearish momentum. Volume trends reinforce this sentiment, suggesting sustained selling pressure without significant buying interest to counteract it.
However, the deep oversold conditions of the RSI might prompt an upward correction.
NZD/JPY daily chart
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
