NZD/JPY extends losses, as bulls struggle to gather momentum

NZD/JPY sits at 89.50, noting minor losses as market sentiment skews somewhat bearish
Subdued buying momentum is signalled by the RSI's negative gradient on the daily chart and the diminishing green bars of the MACD histogram.
On the broader context, the pair's ascendancy above the 20, 100, 200-day SMA suggests bullish control.

On Monday's session, the NZD/JPY pair was seen trading at around 89.50, suffering slight losses. Indicators reflect that the buying momentum is diminishing after the pair rose to a multi-year high of around 2015 last week, as investors continue to take profits.

On the daily chart, the negative slope of the Relative Strength Index (RSI), though within the positive territory, along with the decreasing green bars of the Moving Average Convergence Divergence (MACD), hint towards a slowdown in buying momentum. However, the pair's position above its 20, 100, and 200-day Simple Moving Averages (SMAs) suggests that bulls have a firm grip on the broader outlook, indicative of possible resiliency in the buying pressure.

A glimpse at the shorter time frame based on the four-hour chart outlook adds a different perspective. The flat slope of the Relative Strength Index (RSI) below its middlepoint next to the decreasing green red of the four-hour Moving Average Convergence Divergence (MACD) hinders the selling momentum, indicating that in the near short-term, the buyers may step in.

Support Levels: 89.10, 88.84 (20-day SMA), 88.50.
Resistance Levels: 89.70, 90.00, 90.30.

NZD/JPY daily chart

NZD/JPY

Overview
Today last price	89.52
Today Daily Change	-0.10
Today Daily Change %	-0.11
Today daily open	89.62

Trends
Daily SMA20	88.76
Daily SMA50	88.46
Daily SMA100	87.85
Daily SMA200	86.13

Levels
Previous Daily High	90.03
Previous Daily Low	89.3
Previous Weekly High	91.2
Previous Weekly Low	88.96
Previous Monthly High	89.93
Previous Monthly Low	86.78
Daily Fibonacci 38.2%	89.58
Daily Fibonacci 61.8%	89.75
Daily Pivot Point S1	89.27
Daily Pivot Point S2	88.92
Daily Pivot Point S3	88.54
Daily Pivot Point R1	90
Daily Pivot Point R2	90.38
Daily Pivot Point R3	90.72

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