NZDJPY: Fading the Bounce Above 90 as Bears Guard 91.50

NZDJPY jumped above the 90 level after a minor decline below 90. The intraday trend is bearish as long as opposition at 91.50 continues. The couple reached a low of 89.96; it currently trades at roughly 90.30.

Oscillators and moving averages to forecast the trend of NZDJPY

CMP- 90.30

EMA (4-hour chart)

55-EMA- 90.45

200-EMA- 89.82

365-EMA- 89.13. The pair trades below the short (55 EMA)  and above long-term moving average(200 and 365).

Major support- 89.70. Any breach below will drag the pair down to 89.20/88.70/88.40/87.99.

Major resistance - 90.50. Any break above 90.50 confirms minor bullishness, a jump to 90.85/91/91.50/92/93.

Indicator (4- hour chart)

CCI (50)- bearish

Average directional movement Index-  Neutral. All indicators confirm a mixed trend.

It is good to sell on rallies around 90.48-50 with SL around 91 for the TP of 89.20.