NZDJPY breaks trend line support after long consolidation. As long as resistance at 91.50 persists, the intraday trend is bearish. The pair reached an intraday low of 90.27; it currently trades at around 90.317.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 90.58
EMA (4-hour chart)
55-EMA- 90.57
200-EMA- 89.58
365-EMA- 88.86. The pair trades below the short (55 EMA) and long-term moving average(200 and 365).
Major support- 90.25. Any breach below will drag the pair down to 90/89.70/89.20/88.70/88.40/87.99.
Major resistance - 90.85. Any break above 90.85 confirms minor bullishness, a jump to 91.50/92/93.
Indicator (4- hour chart)
CCI (50)- bearish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to sell on rallies around 90.58-60 with SL around 91.50 for the TP of 89.20/88.70..
