Bears make a move, threatening a drop to 88.00

• NZD/JPY fell 0.90% on Wednesday and is resuming losses.
• The RSI remains near 30, suggesting intense selling pressure.
• The MACD is showing flat green bars, indicating bearish momentum is neutral.

NZD/JPY extended its losses on Wednesday, falling to 88.35. The pair has been in a downtrend since the beginning of the month, and technical indicators continue to suggest that the bears are in control. A brief period of recovery has been seen in recent sessions, but the overall outlook remains bearish.

The Relative Strength Index (RSI) is near 30, indicating that the pair is approaching oversold. Additionally, the Moving Average Convergence Divergence (MACD) prints flat green bars, indicating that momentum is neutral.

NZD/JPY broke below the 88.50 support level and is currently trading around 88.35. If the pair continues to decline, it could find support at 88.00 and 87.50. On the upside, resistance can be found at 89.00 and 89.50. A sustained break above 89.50 could signal a downtrend reversal. Volume has been declining in recent sessions, which is another sign of weakness.

NZD/JPY Daily Chart