NZDJPY Outlook: Sell the Rallies as Downtrend Persists Below 91.50

NZDJPY transactions are poor one month after a bullish trend. The intraday trend remains downward as long as the resistance at 91.50 remains intact. The pair reached an intraday low of 90.05; it is currently trading at nearly 90.258.

Oscillators and moving averages to forecast the trend of NZDJPY

CMP- 90.258

EMA (4-hour chart)

55-EMA- 90.55

200-EMA- 89.60

365-EMA- 88.89. The pair trades below the short (55 EMA)  and long-term moving average(200 and 365).

Major support- 90. Any breach below will drag the pair down to 89.70/89.20/88.70/88.40/87.99.

Major resistance - 90.85. Any break above 90.85 confirms minor bullishness, a jump to 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 91 with SL around 91.50 for the TP of 89.20.