NZDJPY Poised to Break Higher: Buy-the-Dip Strategy Above 91.40 Support

For the last three days, the NZDJPY is trading in a tight band between 91.38 and 93.26. If the 91.40 support level holds, the short-term trend seems to be favorable. Earlier, the pair leaped to 93.26; but, it is presently trading around 93.09.

Oscillators and moving averages to forecast the trend of NZDJPY

CMP- 93.09

EMA (1-hour chart)

55-EMA- 92.72

200-EMA- 92.34

365-EMA- 91.96. The pair trades above the short (55 EMA)  and long-term moving average 200 and above 365).

Major support- 92.50. Any breach below will drag the pair down to 92/91.40/90.85/90.45/89.70.

Major resistance - 93.67. Any break above 93.50 confirms minor bullishness, a jump to 94/95/96.

Indicator (1- hour chart)

CCI (50)- bullish

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

It is good to buy on dips around 92.48-50 with SL around 91.40 for the TP of 95.