NZDJPY: Sell-the-Rally Setup Stays Intact Below 91.50 Despite Kiwi Bounce

NZDJPY showed a minor pullback as the New Zealand dollar gained momentum. As long as resistance at 91.50 persists, the intraday trend is bearish. The pair reached an intraday high of 90.74; it currently trades at around 90.632..

Oscillators and moving averages to forecast the trend of NZDJPY

CMP- 90.58

EMA (4-hour chart)

55-EMA- 90.52

200-EMA- 89.74

365-EMA- 89.03. 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 90/89.70/89.20/88.70/88.40/87.99.

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.