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.
