The daily chart RSI signals NZD/JPY's shift towards negative momentum.
Hourly RSI reveals an oscillating pattern in oversold territory, indicating increasing bearish pressure.
The NZD/JPY declined to 90.95 on Friday, marking a decrease of 1%. Sellers have gained significant ground and hourly indicators indicate oversold conditions which suggests that the pair might sideways trade in the next sessions. As for now, the short term has turned somewhat bearish for the cross as it lost the 20-day Simple Moving Average (SMA).
Based on the indicators of the daily chart, the NZD/JPY has pivoted towards a negative momentum. Its Relative Strength Index (RSI) is settling into negative territory, with a last reading of 47. This change indicates that sellers are taking control after a period of positive strength that had the RSI peaking at 63 this week
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