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.
