After establishing a minor top around 87.95, NZDJPY is stabilizing in a tight range. The intraday trend is bullish as long as support at 87.20 holds. Having dipped to an intraday low of 87.524, it now trades at about 87.568.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 87.568
EMA (4-hour chart)
55-EMA- 87.35
200-EMA- 87.25
365-EMA- 87.19. The pair trades above the short (55 EMA) and long-term moving average.
Major support- 87.20. Any breach below will drag the pair down to 86.65/85.37/84.45/84.
Major resistance - 88.20. Any break above 88.20 confirms minor bullishness, a jump to 87.50/88.10/89.
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 87.48-50 with SL around 87 for TP of 89.20.
