On board-based yen weakness, NZDJPY maintains above 90.50. As long as support 89.80 holds, the intraday trend is upward. The pair topped intraday highs of 90.84; presently trades around 90.827.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 90.827
EMA (4-hour chart)
55-EMA- 90.45
200-EMA- 89.85
365-EMA- 89.16. The pair trades below the short (55 EMA) and above long-term moving average(200 and 365).
Major support- 90.45. Any breach below will drag the pair down to 90/-89.70/89.20/88.70/88.40/87.99.
Major resistance - 90.85. Any break above 90.85 confirms minor bullishness, a jump to 91/91.50/92/93.
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 90.48-50 with SL around 89.90 for the TP of 92.
