The daily chart indicates a supremacy of sellers, as depicted by the RSI's continuation below 50 and a growing MACD negative momentum.
Small signs of recovery are evident on the hourly chart.
Despite hourly swings favoring the bulls, overall market bias in the NZD/JPY remains bearish.
The NZD/JPY is currently trading at 90.61, reflecting a slight decrease at the start of the week. Sellers continue to hold a strong dominance, which dictates a primarily negative technical outlook for the pair. However, the hourly chart reveals signs of buyers coming into play.
On the daily chart of the NZD/JPY pair, the Relative Strength Index (RSI) shows a positioning in negative territory. The consecutive decline of RSI from levels above 50 to 36 suggests that sellers currently command the market. In addition, the daily Moving Average Convergence Divergence (MACD) features rising red bars, indicating an increase in negative momentum, which further supports the sellers' dominance.
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