NZDJPY surged sharply on the strong New Zealand dollar. It hit a high of 91 and is currently trading around 90.99.
The New Zealand dollar gained momentum after upbeat business confidence. It rose to a decade-high 50 in August.
Technicals-
The pair is trading above 34- and 55 EMA in the hourly chart.
The near-term resistance is around 91, a breach above targets 91.52/91.80. The immediate support is at 90.54, any violation below will drag the pair to 90.05/89.80/89.50.
Indicator (hourly chart)
CCI (14)- Bullish (above 100)
CCI (50)- Bullish (above 100)
Average directional movement Index - Bullish. All indicators confirm a bullish trend.
It is good to buy on dips around 90.80-85 with SL around 90.45 for a TP of 91.80.
