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NZDJPY Eyes Breakout: Buy the Dip as Bulls Guard 88.70

NZDJPY trades flat with positive bias. As long as support at 88.70 persists, the intraday trend is bullish. The pair hit an high of 89.75; it currently trades at about 89.377.

Oscillators and moving averages to forecast the trend of NZDJPY

CMP- 89.378

EMA (4-hour chart)

55-EMA- 89

200-EMA- 88.11

365-EMA- 87.74. The pair trades above the short (55 EMA)  and long-term moving average(200 and 365).

Major support- 88.70. Any breach below will drag the pair down to 88.40/87.99/87.20/86.65/85.37/84.45/84.

Major resistance - 89.75. Any break above 89.75 confirms minor bullishness, a jump to 90/90.65/92.

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 89 with SL around 88.70 for TP of 90/90.65.

 

 

 

 

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