On a weak yen, NZDJPY is trading higher for the fifth straight day. The intraday trend is bullish as long as support 86.95 holds. Having reached an intraday high of 87.92, it presently trades at around 87.89. If the pair trades below 89.20, the overall trend is still weak.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 87.894
EMA (4-hour chart)
55-EMA- 87
200-EMA- 86.95
365-EMA- 87. The pair trades above the short and below long-term moving average.
Major support- 87.40. Any breach below will drag the pair down to 86.95/86.40/86/85.37.
Major resistance - 87.50. Any break above 86.86 confirms minor bullishness, a jump to 88.10/88.50/89.25.
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 87.40 with SL around 86.95 for TP of 88.25/89.
