NZDJPY trades below the 86 level as yen gains momentum. Intraday trend remains bearish as long as the resistance at 86.75 holds. Hitting an intraday low of 85.79, it presently trades at about 85.948. As long as the resistance at 89.20 remains intact, the general bearish trend is still valid.
Technicals-
The pair is trading below the 55 EMA, 200 EMA, and 365 EMA in the 4-hour chart.
The near-term resistance is around 86.75, breach above targets 87/87.40/89.20/90. The immediate support is at 85.75, any violation below will drag the pair to 85.50/85.10/84.06.
Indicator (4 hour chart)
CCI (50)- Bearish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to sell on rallies around 86.28-30 with SL around 86.75 for TP of 85.
