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NZDJPY Eyes Higher Ground: Buy the Dips as Bulls Defend 88.70 Support

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.

 

 

 

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