NZD/JPY bulls struggle to gather traction, indicators still weak

• The NZD/JPY pair is still under strain, losing 0.20% at 89.20 as bulls struggle to maintain momentum.
• Negative signals are seen on the daily chart, with downward-sloping RSI and rising red bars in MACD's histogram.
• Broader bullish control was established above 100 and 200-day SMA.

In Tuesday's session, the NZD/JPY is observed trading at 89.20, reflecting a 0.20% loss. The daily chart indicators suggest a neutral to bearish outlook, with bulls seemingly taking a pause, showing difficulty in gaining traction. Similarly, indicators on the four-hour chart yield a flat outlook, indicating a constant stand-off between buyers and sellers.

Upon observing the indicators on the daily chart, the negative inclination in the Relative Strength Index (RSI) indicates increasing selling momentum, which further entrenches in negative territory. Meanwhile, the Moving Average Convergence Divergence (MACD) is showing an upward trend but with red bars, which also points toward selling pressure. Furthermore, the pair's position concerning the Simple Moving Averages (SMAs) hints at a more favorable position for the bulls. The pair trading beneath the 20-day SMA but above the 100 and 200-day SMAs demonstrates that the buyers still maintain a decisive hand in the long-term trend, albeit they seem to lose some ground in the near-term as evidenced by the trajectory of the 20-day SMA.

Shifting to the four-hour chart, the indicators turned flat. With the RSI neutral and standing in negative territory, it signals a lack of clear directional bias in the near term. In addition, the MACD is showing an upward trajectory with red bars, which aligns with the selling momentum reflected in the daily chart.

Support Levels: 88.70, 88.15 (100-day SMA), 87.70
Resistance Levels: 89.80, 90.00 (20-day SMA), 90.30.

NZD/JPY daily chart