NZDJPY showed a minor pullback on weak yen. Intraday trend remains bearish as long as the resistance at 86.50 holds. Hitting an intraday low of 86, it presently trades at about 85.928. As long as the resistance at 89.20 remains intact, the general bearish trend is still valid.
Oscillators and moving averages to forecast the trend of NDJPY
CMP- 85.932
EMA (4-hour chart)
55-EMA- 85.71
200-EMA- 86.09
365-EMA- 86.41. The pair trades below the short and long-term moving averages.
This week low- 85.35 (Oct 1st low). Any breach below 85.35 will drag the pair down to 84.59/83.
This week's high- 86 (Oct 3rd high). Any break above 86.50 confirms minor bullishness, a jump to 86.75/87.06/87.50/88.20.
Indicator (4-hour chart)
CCI (50)- Bearish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to sell on rallies around 86.28-30 with SL around 86.75 for TP of 85.
