NZDJPY traded in a narrow range between 86.95 and 86.35 for the past three days. Intraday trend remains bearish as long as the resistance at 87 holds. Hitting an intraday high of 86.72, it presently trades at about 86.601. 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 1-hour chart.
The near-term resistance is around 86.80, breach above targets 87/87.40/89.20/90. The immediate support is at 86.35; any violation below will drag the pair to 86/85.50/85.10/84.06.
Indicator (1-hour chart)
CCI (50)- Bearish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to sell on rallies around 87 with SL around 87.40 for TP of 85.
