NZDJPY halted its two-week bullish trend and showed a minor sell-off. Intraday trend remains bullish as long as the support at 86.50 holds. It hit a high of 87.27 and is currently trading around 87.02. The overall bearish trend is intact as long as the resistance at 89.20 holds.
Technicals-
The pair is trading above 55 EMA, below 200-EMA, and 365 EMA on the 4-hour chart.
The near-term resistance is around 87.30, breach above targets 87.70/88/89.05. 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- neutral. All indicators confirm a neutral trend.
It is good to buy on dips around 86.80 with SL around 86.40 for TP of 88.
