NZDJPY: Bullish Momentum Awaits Breakout—Buy the Dip as Support Holds Strong

NZDJPY traded in a narrow range between 89.78 and 88.87 for the past one week. As long as support at 88.70 persists, the intraday trend is bullish. The pair hit an intraday high of 89.76; it currently trades at about 89.76.

Oscillators and moving averages to forecast the trend of NZDJPY

CMP- 89.378

EMA (4-hour chart)

55-EMA- 89.11

200-EMA- 88.18

365-EMA- 87.79. The pair trades above the short (55 EMA)  and long-term moving average(200 and 365).

Major support- 88.70. Any breach below will drag the pair down to 88.40/87.99/87.20/86.65/85.37/84.45/84. Immediate support at 89.18.

Major resistance - 89.80. Any break above 89.80 confirms minor bullishness, a jump to 90/90.65/92.

Indicator (4-hour chart)

CCI (50)- bullish

Average directional movement Index-  Neutral. All indicators confirm a mixed trend.

It is good to buy on dips around 89 with SL around 88.70 for TP of 90/90.65.