The NZDJPY pair gave back some ground as the yen strengthened following the Bank of Japan's monetary policy decisions. As long as the 92 support level holds, the short-term trend seems to be upward. The pair reached a high of 94.02 earlier, but it is now trading around 93.39.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 93.40
EMA (4-hour chart)
55-EMA- 91.94
200-EMA- 90.72
365-EMA- 89.88. The pair trades above the short (55 EMA) and above long-term moving average(200 and 365).
Major support- 93. Any breach below will drag the pair down to 92.35/92/91.35/90.85/90.45/89.70/89.20/88.70/88.40/87.99.
Major resistance - 93.70. Any break above 93.70 confirms minor bullishness, a jump to 94/95/96.
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 93 with SL around 92 for the TP of 95.
