NZDJPY on Thin Ice: Sell the Rally as Bearish Setup Holds Below 93

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.