NZDJPY Bullish Breakout Ahead: Buy on Dips as Yen Weakens—Targets 90.65/92 in Focus

NZDJPY has been consolidating in a narrow range between 88.98 and 89.657 for the past two days. The yen showed a minor pullback on policy divergence between the US Fed and the BOJ. As long as support at 88.70 persists, the intraday trend is bullish. The pair hit an intraday high of 89.586; it currently trades at about 89.373.

Oscillators and moving averages to forecast the trend of NZDJPY

CMP- 89.374

EMA (4-hour chart)

55-EMA- 88.47

200-EMA- 87.74

365-EMA- 87.51. The pair trades above the short (55 EMA)  and long-term moving average(200 and 365).

Major support- 89. Any breach below will drag the pair down to 88.70/88.40/87.99/87.20/86.65/85.37/84.45/84.

Major resistance - 89.65. Any break above 89.65 confirms minor bullishness, a jump to 90/90.65/92.

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 88.70-72 with SL around 88 for TP of 90.65/92.