NZD/JPY Price Analysis: Cross extends losses and falls to lows since mid-June

• 
  NZD/JPY
  continued
  its
  significant
  decline
  in
  Friday’s
  session.
• 
  The
  bearish
  activity
  remains
  with
  the
  pair
  below
  the
  crucial
  20-day
  SMA,
  suggesting
  persistent
  control
  by
  the
  bears.
• 
  Indicators
  in
  negative
  terrain
  now
  signal
  a
  bearish
  short-term
  outlook
  for
  the
  pair.

During
Friday’s
trading
session,
the
NZD/JPY
pair
continued
its
substantial
drop
from
Thursday,
recording
a
further
loss
of
0.20%
and
settling
at
96.65.
The
pair
remains
well
below
the
20-day
Simple
Moving
Average
(SMA)
of
97.80,
reinforcing
the
bearish

outlook
in
the
short
term.

The
daily
chart
signals
sustained
negative
conditions.
The
Relative
Strength
Index
(RSI)
improved
slightly
from
Thursday’s
session
but
still
remains
in
the
negative
territory
at
40,
indicating
a
continued
declining
market
momentum.
The
Moving
Average
Convergence
Divergence
(MACD)
concurs
with
this
scenario,
printing
rising
red
bars
indicative
of
rising
selling
activity.

NZD/JPY
daily
chart

Bearing
in
mind
the
bearish
momentum,
immediate
support
levels
lie
at
96.50
96.00,
and
95.50.
Breaking
these
points
would
further
validate
the
bearish
perspective.
On
the
other
hand,
resistance
encounters
are
expected
at
past
support
levels
of
97.00,
97.70
(20-day
SMA),
and
the
critical
level
of
98.00.