NZD/JPY Climbs Higher as Weak Yen Fuels Bullish Momentum – Buy Dips for a Target of 88
NZDJPY trades higher for fourth consecutive days on weak yen. Intra trend remains bullish as long as the support at 86.50 holds. It hit an intraday high of 87.23 and is currently trading around 87.21. 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 below 365 EMA in the 4-hour chart.
The near-term resistance is around 87.25, breach above targets 87.70/88/89.05. The immediate support is at 86.50; any violation below will drag the pair to 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 86.80 with SL around 86.40 for TP of 88.
