NZD/JPY Rising: Bullish Opportunities Amid Yen Weakness
NZDJPY gained momentum on weak yen. Intraday trend remains bullish as long as the support at 86 holds. It hit an intraday high of 86.60 and is currently trading around 86.57. The overall bearish trend is intact as long as the resistance at 89.20 holds.
Technicals-
The pair is trading above 34- and 55 EMA, 200-EMA 365 EMA in the 15-min chart.
The near-term resistance is around 86.65, breach above targets 87/87.70/89.05. The immediate support is at 86; any violation below will drag the pair to 85.50/85.10/84.06.
Indicator (15 min chart)
CCI (50)- Bullish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to buy on dips around 86.48-50 with SL around 86 for TP of 88.
