NZDJPY: Bearish Bias Persists — Sell Rallies Near 90 Targeting 88

NZDJPY trades in a narrow range between 90.77 and 89.22 in the past 5 days. The intraday trend is bearish as long as the resistance at 91 lasts. The pair reached an intraday high of 89.675; it presently trades around 89.562.

Oscillators and moving averages to forecast the trend of NZDJPY

CMP- 89.56

EMA (1-hour chart)

55-EMA- 88.40

200-EMA- 87.69

365-EMA- 87.89. The pair trades above the short (55 EMA)  and long-term moving average(200 and 365).

Major support- 89.20. Any breach below will drag the pair down to 88.70/88.40/87.99/87.20/86.65/85.37/85.

Major resistance - 90. Any break above 90 confirms minor bullishness, a jump to 90.60/91.39/92.

Indicator (4-hour chart)

CCI (50)- bearish

Average directional movement Index-  Bearish. All indicators confirm a bearish trend.

It is good to sell on rallies around 90 with SL around 91 for TP of 88.