The NZD/JPY on the 4-hour time frame has been following a downtrend recently. The price dipped below the key level of 68.00 on 7 August to register the lowest level in more than 6 years at 67.588. As of writing, the price is hovering around 68.295 but struggling to make a substantial recovery. Bears are in full control of the market with negative MACD and RSI below 50 level on the 4-hour chart.
The 4-hour chart of the NZD/JPY confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is below the 200-period Simple Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the NZD/JPY. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, key resistance level lies at 70.116. Bulls must break this level in order to regain bullish sentiment in the market.
The 4-hour chart of the NZD/JPY confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is below the 200-period Simple Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the NZD/JPY. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, key resistance level lies at 70.116. Bulls must break this level in order to regain bullish sentiment in the market.