NZDJPY: Downside pressure persist
The NZDJPY pair has moved to the downside after failing to maintain levels above 76.4% Fibonacci retracement of the entire bearish wave from 94.03 to the short-term low at 84.05.
The short-lived correction started on May 12 at 38.2% level has been stopped by 61.8% Fibonacci, which intersects with SMA50 as seen on the provided daily chart.
Coming beneath 50% Fibonacci suggests another re-test of 38.2% where the interim support exists.
With ADX negative signal and RSI14 stability below 50.00 levels, we see chances of threatening the aforementioned support.
Penetrating 38.2% will expose the next Fibonacci support at 86.40, while 90.20 should act as a ceiling for bears.