NZD/JPY: Bearish Momentum Builds — Sell the Rallies Below 90.90 for a Slide Toward 88.00

As the New Zealand dollar lost its speed, NZDJPY trades below the 90 level. The intraday trend is downward as long as the resistance at 90.90 holds. The pair fell intraday to 89.78; it now trades about 89.86.

Oscillators and moving averages to forecast the trend of NZDJPY

CMP- 89.857

EMA (1-hour chart)

55-EMA- 90.43

200-EMA- 90.02

365-EMA- 89.54. The pair trades below the short (55 EMA)  and above long-term moving average(200 and 365).

Major support- 89.50. Any breach below will drag the pair down to 89.30/88.70/88.40/87.99/87.20/86.65/85.37/85.

Major resistance - 90.10. Any break above 90.10 confirms minor bullishness, a jump to 90.60/91/91.39/92.

Indicator (1-hour chart)

CCI (50)- bearish

Average directional movement Index-  Bearish. All indicators confirm a Bearish trend.

It is good to sell on rallies around 90.18-20 with SL around 90.90 for a TP of 88.