NZDJPY recovered significantly following an 80-sell-off to 87.49. Following an unexpected 50 bpbs rate cut by the RBNZ, the pair fell yesterday. As long as support at 87.40 holds, the intraday trend is still bullish. Having hit an intraday high of 88.37, it currently trades at roughly 88.34.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 88.34
EMA (4-hour chart)
55-EMA- 86.94
200-EMA- 86.92
365-EMA- 87.01. The pair trades above short and long-term moving averages.
Major support- 87.80. Any breach below will drag the pair down to 87.40/86.70/86/85.37.
Major resistance - 88.50. Any break above 88.50 confirms bullish continuation, a jump to 89/89.25.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to buy on dips around 87.88-90 with SL around 87.40 for TP of 89.20.
