NZDJPY recovered above the 88 level as the yen lost momentum. The intraday trend is bullish as long as support at 86.95 holds. Having reached an intraday low of 87.91, it now trades around 87.95.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 88.18
EMA (4-hour chart)
55-EMA- 87.46
200-EMA- 87.06
365-EMA- 87.09. The pair trades above the short and below long-term moving average.
Major support- 87.40. Any breach below will drag the pair down to 86.95/86.40/86/85.37.
Major resistance - 88.50. Any break above 86.86 confirms minor bullishness, a jump to 89.25/90.
Indicator (4 hour chart)
CCI (50)- bullish
Average directional movement Index- Neutral. All indicators confirm a bullish trend.
It is good to buy on dips around 88 with SL around 87.40 for TP of 89.20/90.
