NZDJPY holds above the 88 level on a strong New Zealand dollar. The intraday trend remains bullish as long as support at 87.45 holds. It hit an intraday high of 88.08 and is currently trading around 88.032. The overall bearish trend is intact as long as the resistance at 89.20 holds.
Technicals-
The pair is trading above the 55 EMA, 200 EMA, and 365 EMA on 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 87.16/87/86.65/86/85.50/85.10/84.06.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index- Bullish. All indicators confirm a bullish trend.
It is good to buy on dips around 87.40 with SL around 87 for TP of 89.20/90.
