NZDJPY trades higher on board-based yen selling. Intraday trend is positive as long as support 93 holds. The couple jumped to 94.57 at the time of writing; it is now trading around 94.539.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 94.53
EMA (1-hour chart)
55-EMA- 93.76
200-EMA- 93.01
365-EMA- 92.50. The pair trades above the short (55 EMA) and long-term moving averages (200 and 365).
Major support- 93.80. Any breach below will drag the pair down to 93.30/93/92.50/92/91.40/90.85/90.45/89.70.
Major resistance - 94.50. Any break above 94.20 confirms minor bullishness, a jump to 95/96.
Indicator (1- hour chart)
CCI (50)- bullish
Average directional movement Index- Bullish. All indicators confirm a bullish trend.
It is good to buy on dips around 93.48-50 with SL around 92.50 for the TP of 96.
