NZDJPY Holds Bearish Tone Below Key Resistance: Sell the Rallies

NZDJPY jumped slightly above the 87 level as New Zealand showed a minor pullback. The intraday trend remains bearish as long as the 87.50 resistance holds. Having reached a high of 87.31 yesterday, it now trades around 87.259.

Oscillators and moving averages to forecast the trend of NZDJPY

CMP- 87.11

EMA (4-hour chart)

55-EMA- 87.54

200-EMA- 87.29

365-EMA- 87.207. The pair trades below the short (55 EMA)  and above long-term moving average .

Major support- 86. Any breach below will drag the pair down to 85.37/84.45/84.

Major resistance - 87. Any break above 87 confirms minor bullishness, a jump to 87.50/88.10/89.

Indicator (1 hour chart)

CCI (50)- bearish

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

It is good to sell on rallies around 87 with SL around 87.50 for TP of 86/85.37.