The NZD/JPY pair fell sharply on Friday and reaching a low of 87.85.
The RSI has plunged to 36, indicating that the bears are in full control and the negative momentum is likely to persist.
Bears have the 87.00 threshold on their sight.
The NZD/JPY pair has maintained its bearish stance, extending the selloff that started in Tuesday's session. Technical indicators strongly suggest that the bears have the upper hand, and the pair could continue to decline in the coming days.
The Relative Strength Index (RSI) has reached 36 and approaches the oversold threshold. However, after the pair shed more than 3% this week, the cross might consolidate in the next sessions, as bears might run out of steam.
The 20-day SMA at 0.6160 provides strong support against the selling pressure but a break below this level would open the door for further declines toward 0.610-0.6150. However, if the pair manages to hold the line, the 0.6200 could be retested.
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