NZDJPY trades higher for the third consecutive week on a strong New Zealand dollar. Intraday trend remains bullish as long as support 87.20 holds. It hit a high of 88.12 yesterday and is currently trading around 87.92. 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 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- 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.
