NZDJPY trades in a narrow range with positive bias. As long as support at 88.70 persists, the intraday trend is bullish. The pair hit a low of 88.87; it currently trades at about 89.195.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 89.43
EMA (4-hour chart)
55-EMA- 88.78
200-EMA- 87.94
365-EMA- 87.63. 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 - 89.65. Any break above 89.65 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 88.70-72 with SL around 88 for TP of 90.65/92.
