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NZD/JPY Struggles to Hold Gains Amid Bearish Pressure: Sell Rallies for Profit Targets

NZDJPY  pared most of its gains on a weak New Zealand dollar. Intraday trend remains bearish as long as the resistance at 86.80 holds. It hit a low of 85.55 and is currently trading around 86.41. The overall bearish trend is intact as long as the resistance at 89.20 holds.

Technicals-

 

The pair is trading below 34- and 55 EMA, 200-EMA   365 EMA in the one-hour chart.

 

The near-term resistance is around 86.50, breach above targets 86.81/87.70.  The immediate support is at 86; any violation below will drag the pair to 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 86.38-40  with SL around 87 for TP of 84.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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