NZDJPY is consolidating after hitting a multi-year high. As long as support 91 holds, the intraday trend is upward. The pair topped highs of 91.79 yesterday; it presently trades around 91.49.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 91.49
EMA (4-hour chart)
55-EMA- 90.80
200-EMA- 90.07
365-EMA- 89.35. The pair trades above the short (55 EMA) and above the long-term moving averages (200 and 365).
Major support- 91. Any breach below will drag the pair down to 90.45/89.70/89.20/88.70/88.40/87.99.
Major resistance - 92. Any break above 92 confirms minor bullishness, a jump to 93/93.67/95.
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 91.10 with SL around 90.45 for the TP of 92/92.25/93.
