NZDJPY showed a nice gap up as the yen lost its shine due to political uncertainty. Intraday trend remains bullish as long as support 86.60 holds. It hit an intraday high of 87.45 and is currently trading around 87.375. The overall bearish trend is intact as long as the resistance at 89.20 holds.
Technicals-
The pair is trading above 55 EMA, 200-EMA, and 365 EMA on the 4-hour chart.
The near-term resistance is around 87.90, breach above targets 89.20/90. The immediate support is at 86.80; any violation below will drag the pair to 86.50/86/85.50/85.10/84.06.
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 87.18-20 with SL around 86.75 for TP of 89.20/90.
