NZDJPY breaks significant resistance at 91.78 after a long consolidation. As long as support 91 holds, the intraday trend is upward. The pair topped highs of 91.79 yesterday; it presently trades around 91.49.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 92.42
EMA (1-hour chart)
55-EMA- 91.47
200-EMA- 91.08
365-EMA- 90.86. The pair trades above the short (55 EMA) and above long-term moving average(200 and 365).
Major support- 92. Any breach below will drag the pair down to 91.74/91.28/90.85/90.45/89.70/89.20/88.70/88.40/87.99.
Major resistance - 92.50. Any break above 92.50 confirms minor bullishness, a jump to 93/93.67/95.
Indicator (4- hour chart)
CCI (50)- bullish
Average directional movement Index- Bullish. All indicators confirm a bullish trend.
It is good to buy on dips around 92.18-20 with SL around 91.40 for the TP of 93.67/94/95.
