NZDJPY is consolidating in a narrow range after two days of a massive jump. As long as support 90.80 holds, the intraday trend is upward. The pair topped highs of 92.50 yesterday; it presently trades around 92.12.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 92.42
EMA (4-hour chart)
55-EMA- 91.20
200-EMA- 90.38
365-EMA- 89.63. The pair trades above the short (55 EMA) and above long-term moving average(200 and 365).
Major support- 91.85. Any breach below will drag the pair down to 91.35/90.85/90.45/89.70/89.20/88.70/88.40/87.99.
Major resistance - 92.50. Any break above 92.50 confirms minor bullishness, a jump to 93/93.67/95.
Indicator (4- hour chart)
CCI (50)- bullish
Average directional movement Index- Bullish. All indicators confirm a bullish trend.
It is good to buy on dips around 91.85 with SL around 90.60 for the TP of 94/95.
