NZDJPY gave back some of its gains as the New Zealand dollar weakened in advance of the US Fed decision on interest rates. Intraday trend remains bullish as long as support 87.20 holds. Hitting an intraday high of 87.73, it presently trades at about 87.583. As long as the resistance at 89.20 remains intact, the general bearish trend is still valid.
Technicals-
The pair is trading above 55 EMA, 200-EMA, and 365 EMA in the 4-hour chart.
The near-term resistance is around 88.20, breach above targets 89.20/90. The immediate support is at 87.40; any violation below will drag the pair to 87.20/87/86.65/86/85.50/85.10/84.06.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to buy on dips around 87.40 with SL around 87 for TP of 89.20/90.
