NZD/JPY Rally: Bulls Eye 89.20 as Support Holds at 87.20

NZDJPY trades higher for the third consecutive week on a strong New Zealand dollar. Intraday trend remains bullish as long as support 87.20 holds. It hit a high of 88.12 yesterday and is currently trading around 87.92. The overall bearish trend is intact as long as the resistance at 89.20 holds.

Technicals-

 The pair is trading above 55 EMA,  200-EMA, and 365 EMA on the 4-hour chart.

The near-term resistance is around 88.20, breach above targets 89.20/90.  The immediate support is at 87.40; any violation below will drag the pair to 87.20/87/86.65/86/85.50/85.10/84.06.

Indicator (4-hour chart)

CCI (50)-  Bullish

Average directional movement Index-  Bullish. All indicators confirm a bullish trend.

It is good to buy on dips around 87.40 with SL around 87 for TP of 89.20/90.