NZDJPY has been stabilizing within a tight range of 91.36 and 90.49 for last week. The intraday trend is neutral as long as resistance at 91.50 prevails. The couple peaked at 91.36; it trades now at roughly 91.17.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 91.17
EMA (Weekly chart)
55-EMA- 87.95
200-EMA- 86.26
365-EMA- 83.65. The pair trades above the short (55 EMA) and long-term moving average(200 and 365).
Major support- 90.45. Any breach below will drag the pair down to 90/89.70/89.20/88.70/88.40/87.99.
Major resistance - 91.50. Any break above 91.50 confirms minor bullishness, a jump to 92/93.
Indicator (Weekly chart)
CCI (50)- bullish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to buy on dips around 90.68-70 with SL around 90 for the TP of 92.
