Search attempts for both tourists were hampered by "extreme weather conditions" and high tides, Gede Darmada, head of the Bali Search and Rescue Agency, said Wednesday in a statement, according to the Indonesian Expat news site.
The Indonesian authorities have remained in close contact with the victim's relatives.
"The search may continue if there are sightings of the victims," Darmada said, pointing out that crew members of boats that regularly flow through Nusa Penida waters have been briefed about the missing persons.
On January 3, the tourists were declared missing after being swept away by strong waves off Diamond Beach in Nusa Penida as they attempted to rescue a fellow traveler from drowning, authorities said.
Diamond Beach, on the eastern tip of Nusa Penida, is famous for its white-sand beach and blue waters, and it is arguably one of the most beautiful beaches in Bali.
However, foreign tourists have been pulled out to sea by high-tide waves while swimming on the beach.
Last month, a Malaysian woman, 24, was swept away by waves at Diamond Beach after rescuing two tourists from drowning. Her body was found on the morning of December 28.