As the yen gathered momentum, NZDJPY trimmed some of its profits. Intraday trend is good as long as support 92.85 is maintained. The pair reaches a peak of 94.97, then trades at around 94.20.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 94.20
EMA (1-hour chart)
55-EMA- 94.13
200-EMA- 93.58
365-EMA- 93.04. The pair trades above the short (55 EMA) and above long-term moving average 200 and above 365).
Major support- 93.55. Any breach below 93.55 will drag the pair down to 93/92.50/92/91.40/90.85/90.45/89.70.
Major resistance - 94.50. Any break above 94.50 confirms minor bullishness, a jump to 95/96.
Indicator (1- hour chart)
CCI (50)- bullish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to buy on dips around 93.48-50 with SL around 92.50 for the TP of 96.
