- The NZD/JPY pair dropped significantly on Friday, hitting a low of 87.85.
- With the RSI plummeting to 36, it suggests that bears are firmly in control, and the downward momentum is expected to continue.
- Bears are now eyeing the 87.00 level as their next target.
The NZD/JPY pair continues its bearish trajectory, extending the selloff that began in Tuesday's session. Technical indicators indicate that the bears remain in control, with the pair likely to decline further in the coming days.
The Relative Strength Index (RSI) has dropped to 36, nearing the oversold territory. However, after losing more than 3% this week, the pair may consolidate in the next sessions as bearish momentum could start to wane.
NZD/JPY daily chart
The daily chart for the NZD/JPY pair reflects ongoing weakness. After dipping below the 20-day Simple Moving Average (SMA) at 89.60, bears have gathered enough momentum to push the pair further downward. Should the selling persist, key support levels to watch are 87.50, 87.30, and 87.00.
