On board-based yen selling, NZDJPY rises above the 88 level. The intraday trend is bullish as long as support at 86.95 holds. Having reached an intraday high of 88.39, it now trades around 88.09. If pair trades fall under 89.20, the general trend is still terrible.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 88.09
EMA (4-hour chart)
55-EMA- 87.14
200-EMA- 87
365-EMA- 87.03. 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 - 88.50. Any break above 86.86 confirms minor bullishness, a jump to 89.25/90.
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 87.60 with SL around 86.95 for TP of 89.20/90.
