NZDJPY breaks significant resistance at 89.65 after a long consolidation. As long as support at 89 persists, the intraday trend is bullish. The pair hit an intraday high of 89.68; it currently trades at about 89..
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 89.652
EMA (4-hour chart)
55-EMA- 88.91
200-EMA- 88.03
365-EMA- 87.69. The pair trades above the short (55 EMA) and long-term moving average(200 and 365).
Major support- 89. Any breach below will drag the pair down to 88.70/88.40/87.99/87.20/86.65/85.37/84.45/84.
Major resistance - 89.70. Any break above 89.70 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 89.12-15 with SL around 88.70 for TP of 90/90.65.
