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.
