On the daily chart, indicators are consolidating but the outlook is favoring the bulls. The hourly chart gives hints of mounting selling traction with indicators deep in the red. The NZD/JPY pair is currently trading at 91.60, slightly down in Thursday's session. Bulls hold a strong command over the market, even amidst transient selling pressure, which seems not to have weakened their movement with the pair holding above the 20,100 and 200-day Simple Moving Averages .
It suggests an increase in selling pressure in the short term compared to the daily setup. The continuous red bars of the MACD affirm this, reflecting the negative momentum represented in the RSI. This implies that the sellers step in as the buyers seem to be taking profits.
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