Bears in control, eyeing 88.00

• NZD/JPY extends its downward momentum, dropping to 89.00.
• The RSI fell to 45, down from 60, indicating a sharp decline in buying pressure.

The NZD/JPY pair maintains its bearish trend, selling off the Wednesday session. Technical indicators indicate that the bears are gaining control and the pair may slide lower in the near term.

The Relative Strength Index (RSI) fell to 45, indicating that selling pressure is building. This reading suggests that the pair is likely to continue its downward move and challenge the support at 88.00. The Moving Average Convergence Divergence (MACD) has also turned bearish, with the MACD printing lower green bars, indicating that the bearish momentum is becoming strong.

NZD/JPY Daily Chart

NZD/JPY appears to be losing ground, with negative technical indicators and a falling RSI. After falling below the 20-day SMA at 89.60, the bears seemed to have gathered enough momentum to continue pushing the pair lower, with 88.70, 88.50 and 88.30 presenting strong barriers for sellers.