NZDJPY pared most of its gains after showing a slight jump above significant resistance at 86.86. As long as resistance 86.86-87 holds, the intraday trend is bearish. Having hit an intraday low of 85.81, it currently trades at roughly 85.95. The overall trend is still weak if the pair trades below 89.20.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 85.92
EMA (15-min chart)
55-EMA- 86.84
200-EMA- 86.93
365-EMA- 87. The pair trades above the short and below long-term moving average.
Major support- 86.40. Any breach below will drag the pair down to 86/85.37.
Major resistance - 86.86. Any break above 86.86 confirms minor bullishness, a jump to 87.50/88.10/88.50/89.25.
Indicator (4-hour chart)
CCI (50)- bearish
Average directional movement Index- Bearish. All indicators confirm a bearish trend.
It is good to sell on rallies 86.28-30 with SL around 86.88 for TP of 85.32/85.
