NZDJPY Bulls Hold the Line: Buy the Dip to 95?

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.