NZD/JPY PRICE ANALYSIS: SELLERS RULE THE ROOST, ADDITIONAL RETRACEMENTS MAY BE ON THE HORIZON
- Bulls failed to maintain their momentum and gave up daily gains.
- The daily RSI remains in negative zone, underscoring the current bearish momentum.
- On the hourly chart, indicators further uphold the short-term bearish bias.
In Thursday's session, the NZD/JPY pair is trading with a mild loss and is currently pegged at 90.79 after peaking at a high of 91.21. Sell-offs dominate the market landscape in the short term and buyers are failing to gather additional momentum.
Based on the indicators of the daily chart, the Relative Strength Index (RSI) currently resides in negative territory, indicating bearish momentum. The RSI has witnessed a minor decline from the previous day's level, representing slightly increased bearish sentiment. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram exhibits flat red bars, suggesting that the bears have gone nowhere while the bulls remain on the sidelines
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