The NZDJPY trades flat following a little sell-off. The short-term trend looks to be negative, provided the 93 resistance level holds. Earlier, the pair fell to 91.40; however, it is now trading near 92.025.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 92.025
EMA (1-hour chart)
55-EMA- 92.14
200-EMA- 92.10
365-EMA- 91.73. The pair trades below the short (55 EMA) and below the long-term moving average 200, and above 365.
Major support- 91.40. Any breach below will drag the pair down to 90.85/90.45/89.70/89.20/88.70/88.40/87.99.
Major resistance - 92.50. Any break above 92.50 confirms minor bullishness, a jump to 93/93.67/94/95/96.
Indicator (4- hour chart)
CCI (50)- bullish
Average directional movement Index- Bullish. All indicators confirm a bullish trend.
It is good to sell on rallies around 92.28-30 with SL around 93 for the TP of 90.
