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NZDJPY Eyes Breakout: Bulls Defend Key Support Zones

NZDJPY is consolidating after a minor pullback. The intraday trend is bullish as long as support at 87.20 holds.  The pair hits an intraday high of 88.10; it now trades at about 87.93.

Oscillators and moving averages to forecast the trend of NZDJPY

CMP- 87.93

EMA (4-hour chart)

55-EMA- 87.77

200-EMA- 87.44

365-EMA- 87.31. The pair trades above the short (55 EMA)  and long-term moving average.

Major support- 87.70. Any breach below will drag the pair down to 87.40/87.20/86.65/85.37/84.45/84.

Major resistance - 88.20. Any break above 88.20 confirms minor bullishness, a jump to 88.85/89/90.

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 87.48-50 with SL around 87 for TP of 88.85/89.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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