FxWirePro- NZDJPY trade idea
NZDJPY was one of the worst performers this week and lost more than 150 pips. It hit a low of 89.48 and is currently trading around 89.59.
Technicals-
The pair is trading below 34- and 55 EMA in the hourly chart.
The near-term resistance is around 90, a breach above targets 90.35/90.80/91.15. The immediate support is at 89.48, any violation below will drag the pair to 89/88.25.
Indicator (hourly chart)
CCI (14)- Bearish
CCI (50)- Bearish
Average directional movement Index- Bearish. All indicators confirm the bearish trend.
It is good to sell on rallies around 90 with SL around 90.50 for a TP of 89.
