NZDJPY pared some of its gains after a minor pullback above the 91 level. As long as resistance at 91.50 persists, the intraday trend is bearish. The pair reached a low of 90.46 yesterday; it currently trades at around 90.58.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 90.58
EMA (4-hour chart)
55-EMA- 90.59
200-EMA- 89.52
365-EMA- 88.81. The pair trades above the short (55 EMA) and long-term moving average(200 and 365).
Major support- 90.45. Any breach below will drag the pair down to 90/89.70/89.20/88.70/88.40/87.99.
Major resistance - 91.50. Any break above 91.50 confirms minor bullishness, a jump to 92/93.
Indicator (4- hour chart)
CCI (50)- bullish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to sell on rallies around 91 with SL around 91.50 for the TP of 90.
