NZDJPY holds well above 88 level on board-based Yen weakness. The intraday trend is bullish as long as support at 87.40 holds. Having dipped to an intraday high of 88.40, it now trades at about 88.367.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 88.36
EMA (4-hour chart)
55-EMA- 87.62
200-EMA- 87.35
365-EMA- 87.25. The pair trades above the short (55 EMA) and long-term moving average.
Major support- 87.90. Any breach below will drag the pair down to 87.40/87.20/86.65/85.37/84.45/84.
Major resistance - 88.50. Any break above 88.50 confirms minor bullishness, a jump to 89/90.
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 88 with SL around 87.40 for TP of 89.20.
