NZD/JPY secures daily gains, still bears are in command

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NZD/JPY secures daily gains, still bears are in command
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In Monday's session, the NZD/JPY closed with gains above the 87.

NZD/JPY bottomed at a low of 86.809 and then closed at 87.095. Bears seem to be taking a break, but indicators on the daily chart remain in negative territory. The 200-day SMA is the last support for the cross. 000 level, but indicators on the daily chart suggest that the bears still have the upperhand. In line with that, a neutral to bearish technical stance is seen for the cross in the daily chart, with the bears seeming to have taken a break after pushing down the pair by nearly 2.

That being said,the cross is still above the 200-day Simple Moving Average , suggesting that despite the recent bearish sentiment,the bulls are still resilient, holding some momentum and that sellers must increase their efforts to confirm a bearish short-term trend. The same tendency is seen in the four-hour chart, which indicators lying flat in negative territory but with a clear downwards trend in the last sessions. Support levels: 87.000, 86.505, 86.300. Resistance levels: 87.620 , 87.

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