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FxWirePro- NZDJPY trade idea

NZDJPY  breaks significant support at 88.62 and hits fresh week’s low. It hit a low of  88.44 and is currently trading around 88.56.

 

The demand for safe-haven assets pushes yen prices higher.

 

Technicals-

 

The pair trades below 34- and 55 EMA in the 4-hour chart.

 

The near-term resistance is around 89.35 (23.6% fib), a breach above targets 89.83/90/90.14/90.80. The immediate support is at 88.60, any violation below will drag the pair to 88/87.14.

 

Indicator (4-hour 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 88.62-65 with SL around 89.20 for a TP of 87.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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