NZDJPY Eyes 89: Bullish Momentum Builds Above Key Support at 88

NZDJPY holds above the 88 level on board-based yen weakness. The intraday trend is bullish as long as support at 87.40 holds. Having reached an intraday low of 88, it now trades around 88.28.

Oscillators and moving averages to forecast the trend of NZDJPY

CMP- 88.28

EMA (4-hour chart)

55-EMA- 87.81

200-EMA- 87.28

365-EMA- 87.18. The pair trades above the short and below long-term moving average.

Major support- 87.80. Any breach below will drag the pair down to 87.40/86.95/86.40/86/85.37.

Major resistance - 88.50. Any break above 88.82 confirms minor bullishness, a jump to 89.25/90.

Indicator (4 hour chart)

CCI (50)- bullish

Average directional movement Index- Neutral. All indicators confirm a bullish trend.

It is good to buy on dips around 88 with SL around 87.40 for TP of 89.20/90.