NZDJPY Pullback: Yen Strengthens on Takaichi's Election Victory – Buy the Dip Toward 96?

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.