NZDJPY gained nearly 90 pips on board-based yen selling. The intraday trend is bearish as long as support at 85.80 holds. Having reached an intraday high of 86.76, it now trades around 86.776.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 86.76
EMA (15 min chart)
55-EMA- 86.45
200-EMA- 86.47
365-EMA- 86.71. The pair trades above the short (55 EMA) and long-term moving average.
Major support- 85.80. Any breach below will drag the pair down to 85.37/84.45/84.
Major resistance - 87. Any break above 87 confirms minor bullishness, a jump to 87.50/88.10/89.
Indicator (15-min chart)
CCI (50)- bullish
Average directional movement Index- Bullish. All indicators confirm a bullish trend.
It is good to buy on dips around 86.50 with SL around 85.80 for TP of 88.10.
