NZDJPY pulled back somewhat after double bottoms close to 87.20. Markets are eagerly waiting RBNZ's interest rate strategy for additional guidance. As long as support at 87.20 persists, the intraday trend is bullish. Yesterday, the pair hit a low of 87.23; it currently trades at about 87.814.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 87.814
EMA (4-hour chart)
55-EMA- 87.76
200-EMA- 87.47
365-EMA- 87.33. The pair trades below the short (55 EMA) and above the long-term moving average(200 and 365).
Major support- 87.60. Any breach below will drag the pair down to 87.20/86.65/85.37/84.45/84.
Major resistance - 88. Any break above 88 confirms minor bullishness, a jump to 88.85/89/90.
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 88.85/89.
