Most of NZDJPY's gains are wiped out as the yen gathers steam following Japanese PM Sanae Takaichi's appointment. Intraday trend is upbeat, provided support at 92.85 is present. Having hit a peak of 94.97, the couple of trades around 93.92.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 93.85
EMA (1-hour chart)
55-EMA- 94.14
200-EMA- 93.70
365-EMA- 93.17. The pair trades below the short (55 EMA) and above long-term moving average 200 and above 365).
Major support- 92.85. Any breach below 92.85 will drag the pair down to 92.50/92/91.40/90.85/90.45/89.70.
Major resistance - 94.20. Any break above 94.20 confirms minor bullishness, a jump to 95/96/97.
Indicator (1- hour chart)
CCI (50)- bearish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to buy on dips around 93.48-50 with SL around 92.50 for the TP of 96.
