NZDJPY lost its shine on board-based New Zealand dollar selling. The intraday trend is bearish as long as the resistance at 87 holds. Having reached an intraday low of 85.94, it now trades around 86.01.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 86.01
EMA (4-hour chart)
55-EMA- 87.35
200-EMA- 87.25
365-EMA- 87.18. The pair trades below the short (55 EMA) and long-term moving average .
Major support- 85.90. Any breach below will drag the pair down to 85.37/84.45/84.
Major resistance - 86.5. Any break above 86.65 confirms minor bullishness, a jump to 87/87.50/88.10/89.
Indicator (4 hour chart)
CCI (50)- bearish
Average directional movement Index- Bearish. All indicators confirm a bearish trend.
It is good to sell on rallies around 86.48-50 with SL around 87.10 for TP of 85.40/85.
