NZDJPY showed a minor sell-off as the yen gained momentum after the Fed rate cut. The intraday trend is bullish as long as the support at 90 lasts. The pair reached an intraday low of 90.178; it presently trades around 90.356.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 90.35
EMA (1-hour chart)
55-EMA- 90.40
200-EMA- 89.80
365-EMA- 89.30. The pair trades above the short (55 EMA) and long-term moving average(200 and 365).
Major support- 90. Any breach below will drag the pair down to 89.30/88.70/88.40/87.99/87.20/86.65/85.37/85.
Major resistance - 90.60. Any break above 90.60 confirms minor bullishness, a jump to 91.39/92.
Indicator (1-hour chart)
CCI (50)- bearish
Average directional movement Index- Neutral. All indicators confirm a neutral trend.
It is good to buy on dips around 90 with SL around 89 for TP of 92.
