NZD/JPY Pair Takes a Dive: Is It Time to Short?
The NZD/JPY pair took a nosedive on Friday, plummeting to a low of 87.85. The RSI has plunged to 36, indicating the bears are firmly in control. This bearish momentum looks set to continue.
The pair has been on a downward trajectory since Tuesday, and technical indicators strongly suggest the bears are in the driver’s seat. The NZD/JPY could continue to decline in the coming days.
The Relative Strength Index (RSI) has reached 36, approaching the oversold threshold. However, after shedding more than 3% this week, the pair might consolidate in the next sessions. Bears might run out of steam.
NZD/JPY Daily Chart
On the daily chart, the NZD/JPY pair is showing consistent weakness. After falling below the 20-day Simple Moving Average (SMA) of 89.60, bears have gained momentum and are exerting further downward pressure.
If the selling persists, critical support levels are located at 87.50, 87.30, and 87.00.
- **Keep in mind:** This analysis is for informational purposes only and should not be taken as investment advice. It’s always essential to conduct thorough research and consult with a financial advisor before making any investment decisions.
