NZD/JPY Price Analysis: Bears seize control, key 20-day SMA broken breached

• 
  NZD/JPY
  ended
  Thursday’s
  session
  with
  a
  significant
  decline.
• 
  The
  bears
  successfully
  pushed
  the
  pair
  below
  the
  crucial
  20-day
  SMA,
  signaling
  a
  shift
  in
  command.

In
Thursday’s
trading
session,
the
NZD/JPY
pair
dropped
substantially,
losing
1.40%
to
land
at
96.80.
The
pair
slipped
below
the
20-day
Simple
Moving
Average
(SMA)
of
97.70,
indicating
a
negative

outlook
in
the
short-term
as
the
outlook
is
now
somewhat
bearish
at
least
for
the
short-term.

On
the
daily
chart,
the
Relative
Strength
Index
(RSI)
plummeted
to
44.
This
swift
shift
towards
negative
territory
suggests
a
decline
in
market
momentum,
and
it
is
important
to
note
that
the
RSI
shifted
from
nearly
overbought
terrain
to
below
the
middle
point.
The
Moving
Average
Convergence
Divergence
(MACD)
also
adds
weight
to
this
bearish
scenario,
registering
rising
red
bars
indicative
of
decreased
buying
momentum.

NZD/JPY
daily
chart

In
light
of
the
bearish
turn,
immediate
support
levels
are
now
set
at
96.50,
96.00,
and
further
down
to
95.00.
In
contrast,
resistance
is
now
likely
to
be
encountered
at
previous
support
levels
of
97.00,
97.70
(20-day
SMA),
and
98.00.