As New Zealand swiftly recovered, NZDJPY rose above the 94 level. As long as support 92.50 holds, The intraday trend is good. Earlier, the couple leapt to 93.88; now it is trading at around 93.278.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 94.12
EMA (1-hour chart)
55-EMA- 93.30
200-EMA- 92.75
365-EMA- 92.30. The pair trades above the short (55 EMA) and long-term moving average 200 and above 365).
Major support- 93.65. Any breach below will drag the pair down to 93.30/93/92.50/92/91.40/90.85/90.45/89.70.
Major resistance - 94.20. Any break above 94.20 confirms minor bullishness, a jump to 95/96.
Indicator (1- hour chart)
CCI (50)- bullish
Average directional movement Index- Bullish. All indicators confirm a bullish trend.
It is good to buy on dips around 93.48-50 with SL around 92.50 for the TP of 96.
