On Wednesday, the NZD/JPY pair witnessed a further drop to land at 95.00.
Wednesday's session saw the NZD/JPY pair continue its decline. The cross has now marked a six-day losing streak now down 1.50% over the week. Oversold conditions might signal a looming correction. This continuous decline has extended the ongoing six-day losing streak. The overall loss, compared to the previous week is now seen at over 1.50% which has continued to defy the short-term outlook.
The Relative Strength Index , currently at 28, has descended further into oversold territory, supporting a strengthened bearish sentiment. Concurrently, the Moving Average Convergence Divergence is seen to print rising red bars, portraying continuous selling pressure. NZD/JPY daily chart Synchronizing with the ongoing bearish tone, immediate support levels are now spotted lower at 94.50 and the key level at 94.00. A drop below these levels, especially the strong support at 94.
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