NZDJPY trimmed some of its profits as the yen rebounded. The intraday trend is downward as long as 87.50 serves as resistance. Having attained an intraday low of 86.61, it currently trades around 86.62. Should pair trade below 89.20, the overall trend is still soft..
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 86.65
EMA (4-hour chart)
55-EMA- 87.06
200-EMA- 87.03
365-EMA- 87.05. The pair trades below the short and long-term moving averages.
Major support- 86.40. Any breach below will drag the pair down to 86/85.37.
Major resistance - 87.50. Any break above 87.50 confirms minor bullishness, a jump to 88.10/88.50/89.25.
Indicator (4-hour chart)
CCI (50)- Neutral
Average directional movement Index- Bearish. All indicators confirm a mixed trend.
It is good to sell on rallies around 87 with SL around 87.50 for TP of 86/85.38.
