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NZD/JPY Analysis: Bears Target Key Support Levels

Written by:

Ezekiel Chew

Last updated on:

September 6, 2024

The NZD/JPY pair continues to exhibit a downward trend, extending the decline that began during Tuesday’s trading session. Technical indicators currently favor the bears, suggesting that the pair may experience further losses in the near term.

The Relative Strength Index (RSI) has fallen to 36, nearing the oversold zone. Despite a significant drop of over 3% this week, there is a possibility that the pair may stabilize in the coming sessions as bearish momentum could weaken.

NZD/JPY Daily Chart as of September 6th, 2024

On the daily chart, the NZD/JPY pair shows persistent weakness. Having dropped below the 20-day Simple Moving Average (SMA) at 89.60, bearish forces appear to be in control. If the downward trend persists, critical support levels to watch are 87.50, 87.30, and 87.00.

ezekiel chew asiaforexmentor

About Ezekiel Chew​

Ezekiel Chew, founder and head of training at Asia Forex Mentor, is a renowned forex expert, frequently invited to speak at major industry events. Known for his deep market insights, Ezekiel is one of the top traders committed to supporting the trading community. Making six figures per trade, he also trains traders working in banks, fund management, and prop trading firms.

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NZD/JPY Analysis: Bears Target Key Support Levels

Written by:

Updated:


Ezekiel Chew

September 6, 2024
The NZD/JPY pair continues to exhibit a downward trend, extending the decline that began during Tuesday's trading session. Technical indicators currently favor the bears, suggesting that the pair may experience further losses in the near term. The Relative Strength Index (RSI) has fallen to 36, nearing the oversold zone. Despite a significant drop of over 3% this week, there is a possibility that the pair may stabilize in the coming sessions as bearish momentum could weaken.
NZD/JPY Daily Chart as of September 6th, 2024
On the daily chart, the NZD/JPY pair shows persistent weakness. Having dropped below the 20-day Simple Moving Average (SMA) at 89.60, bearish forces appear to be in control. If the downward trend persists, critical support levels to watch are 87.50, 87.30, and 87.00.
ezekiel chew asiaforexmentor

About Ezekiel Chew

Ezekiel Chew, founder and head of training at Asia Forex Mentor, is a renowned forex expert, frequently invited to speak at major industry events. Known for his deep market insights, Ezekiel is one of the top traders committed to supporting the trading community. Making six figures per trade, he also trains traders working in banks, fund management, and prop trading firms.

GET THE PROPRIETARY
ONE CORE PROGRAM

(The same system I use to make 6 figures a trade with)

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