NZDJPY Bulls Eye 95: Why Buying the Dip is the Strategic Play

NZDJPY dropped marginally as the yen somewhat weakened. Intraday trend is positive as long as support 92 holds. The couple jumped to 93.88 earlier; it is now trading around 93.278.

Oscillators and moving averages to forecast the trend of NZDJPY

CMP- 93.278

EMA (1-hour chart)

55-EMA- 93.02

200-EMA- 92.53

365-EMA- 92.11. The pair trades above the short (55 EMA)  and long-term moving average 200 and above 365).

Major support- 92.90. Any breach below will drag the pair down to 92.50/92/91.40/90.85/90.45/89.70.

Major resistance - 93.67. Any break above 93.50 confirms minor bullishness, a jump to 94/95/96.

Indicator (1- hour chart)

CCI (50)- bullish

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

It is good to buy on dips around 92.48-50 with SL around 91.40 for the TP of 95.