NZD/JPY Price Analysis: Pair rebounds as sellers take a breather

  • Thursday's session witnessed the NZD/JPY pair rebounding, counterbalancing part of the bearish momentum.
  • Despite the small rise, the cross still registers a weekly loss of 1.50%.
  • Though corrective actions take place, technical indicators still depict a negative outlook.

In Thursday's session, the NZD/JPY pair managed to record a slight upsurge and landed at 95.15. Despite this rebounding action, the pair accumulated approximately 1.50% losses over the week, indicating a persistently negative outlook.

Day-to-day technical indicators extend the domination of the bears, despite the recent rebound. The Relative Strength Index (RSI), currently positioned at 33, indicates a northward momentum, an uplift from Wednesday's value of 28. However, it's still well within negative zone but has now scaped the oversold threshold. The Moving Average Convergence Divergence (MACD) continues to print flat red bars, demonstrating sustained but now halted selling pressure.

NZD/JPY daily chart

Reflective of the prevailing bearish tone, immediate support levels are now spotted lower at 94.50 and the crucial level at 94.00. A descent below these levels could confirm the bearish dominance over the short term. Resistances, on the other hand, are now at the previous support levels of 95.50, and 96.00.

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