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.
