NZD/JPY PRICE ANALYSIS: BEARISH MOMENTUM OVERPOWERS, BUYERS STRUGGLE TO RETAKE THE 20-DAY SMA

• The daily RSI and MACD reveal a weaker NZD/JPY, pointing towards bearish momentum.
• The negative trend is stronger on the hourly chart.
• Despite short-term bearish inclination, the cross position above main SMAs signifies a bullish sentiment in the longer term.

The NZD/JPY is trading at the 91.14 level, securing some daily gains after peaking at a daily high of 91.60. Despite a bearish short-term trend, the pair maintains a bullish position over the longer term, being positioned above key Simple Moving Averages (SMAs). For the short term, bears seem to be gearing up and bulls starting to weaken.

On the daily chart, the Relative Strength Index (RSI) is currently trending in negative territory, with the latest reading of 49. This, coupled with decreasing green bars on the Moving Average Convergence Divergence (MACD) histogram, indicates a slowdown in positive momentum, suggesting that sellers are currently dominating the market.