NZDJPY showed a lovely gap-up opening as the yen lost its shine due to Japan's political uncertainty. The intraday trend remains bullish as long as the support at 86 holds. Having reached an intraday high of 87.42, it trades today at about 87.394. The overall bearish trend is still true as long as the resistance at 89.20 is still intact.
Oscillators and moving averages to forecast the trend of NDJPY
CMP- 87.394
EMA (4-hour chart)
55-EMA- 86.16
200-EMA- 86.76
365-EMA- 86.93. The pair trades above the short and long-term moving averages.
Major support- 86.90. Any breach below will drag the pair down to 86.70/86/85.37.
This week high- 87.55. Any break above confirms bullish continuation, a jump to 88.20/89.25.
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 86.90 with SL around 86 for TP of 89.25/90.
