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15 Jan 2024

NZD/JPY Price Analysis: Bears gains ground with eyes on 20-day SMA

  • The NZD/JPY saw a minor decline to 90.35 and eyes the 20-day SMA at 89.90.
  • Daily chart indicators reveal that sellers have a slight upper hand in the short term.
  • Despite bearish indicators, the overall trend is still bullish.

In Monday's session, NZD/JPY experienced a slight drop to 90.35 following losses from its daily high at 90.55. With the daily chart establishing a neutral to bullish prospect, the bears are nevertheless gaining ground as the buyer's momentum remains weak. The four-hour chart indicators also remain in the red zone.

Given the current positioning within the daily time frame, the indicators reflect that the buying momentum is dominant when considering the overall trend indicated by the pair's positioning above the 20, 100, and 200-day Simple Moving Averages (SMAs). However, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) show that the momentum in the short term is waning and that bears are gaining traction.

While the broader picture carries an overall upward bias, the short-form charts tell a different story. Considering the four-hour chart, the selling pressure is gaining some ground progressively. With indicators situated within the negative terrain, the four-hour RSI is trending down while the four-hour MACD prints red bars, further reinforcing the short-term downward bias. The change in momentum on the shorter-term charts might be an early sign that the bulls are losing strength, allowing the bears to slowly take over.

NZD/JPY technical levels

NZD/JPY daily chart

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