NZD/JPY Price Analysis: Bearish pressure persists, buyers present battle on the hourly chart

• NZD/JPY kicks off Monday's session, operating at 91.71 with mild gains.
• On the daily chart, RSI places the NZD/JPY within the negative zone, signifying short-term rising selling traction.
• If the buyers fail to reclaim the 20-day Average, the outlook may start to turn in favor of the sellers.

In Monday's trading session, NZD/JPY is navigating around the 91.71 level, trading with mild gains. The overall market tone for the pair suggests a bearish bias as sellers remain in control, after closing a 1.70% losing week and tallying a five-day losing streak. Yet, signs of a gradual build-up of bullish momentum can be observed in the shorter timeframes.

On the daily chart, the Relative Strength Index (RSI) shows the NZD/JPY pair in the negative territory, indicating bearish momentum in the short-term, as sellers control the market after hitting overbought conditions last week. The rising red bars of the Moving Average Convergence Divergence (MACD) histogram, signal that negative momentum is increasing.

NZD/JPY daily chart

Meanwhile, on the hourly chart, the RSI is fluctuating within the positive territory, suggesting that bullish momentum may be building. However, the MACD histogram on this chart also presents rising red bars, suggesting a steady negative pull.

NZD/JPY hourly chart

In conclusion, while investors demonstrate a short-term bearish inclination on the daily chart, patterns on the hourly chart suggest that bulls are presenting a battle. That being said, the pair is holding up the 100 and 200-day Simple Moving Averages (SMAs) which typically suggest an overall bullish trend. Still, as long as the buyers fail to conquer the 20-day Average, the short-term bias will remain negative.