NZDJPY Eyes Recovery Amid Mixed Signals: Buy on Dips for Potential Upside

NZDJPY pared some of its gains on a weak New Zealand dollar. The intraday trend is bullish as long as support at 87.40 holds. Having reached an intraday low of 87.67, it now trades around 87.726.

Oscillators and moving averages to forecast the trend of NZDJPY

CMP- 87.726

EMA (4-hour chart)

55-EMA- 87.86

200-EMA- 87.28

365-EMA- 87.18. The pair trades above the short-term moving average and below the long-term moving average.

Major support- 87.80. Any breach below will drag the pair down to 87.40/86.95/86.40/86/85.37.

Major resistance - 88.10. Any break above 88.82 confirms minor bullishness, a jump to 89.25/90.

Indicator (4-hour chart)

CCI (50)- bearish

Average directional movement Index- Bearish. All indicators confirm a bearish trend.

It is good to buy on dips around 87.68-70, with an SL of 87.38 and a TP of 89.20/90.