NZDJPY: Bearish Signals Sell-on-Rally Opportunity Below 92

Harmonic pattern-  Bearish AB=CD pattern

Potential Reversal Zone(PRZ)- 91.45-50

Bearish Divergence- CCI (50) due to profit booking. The intraday trend remains bearish as long as the resistance level at 92 persists. The pair reached an intraday high of 91.03; it presently trades around 90.702.

Oscillators and moving averages to forecast the trend of NZDJPY

CMP- 90.76

EMA (4-hour chart)

55-EMA- 88.67

200-EMA- 87.79

365-EMA- 87.95. The pair trades above the short (55 EMA)  and long-term moving average(200 and 365).

Major support- 90.45. Any breach below will drag the pair down to 90/89.70/89.20/88.70/88.40/87.99.

Major resistance - 91.50. Any break above 91.50 confirms minor bullishness, a jump to 92/93.

Indicator (4-hour chart)

CCI (50)- bullish

Average directional movement Index-  Neutral. All indicators confirm a mixed  trend.

It is good to sell on rallies around 91.38-40  with SL around 92 for TP of 89.20.