NZDJPY: Sell the Rallies as Bears Guard 90–91 Resistance Zone

NZDJPY consolidates in a narrow range between 90.77 and 89.22 over the past week. The intraday trend is bearish as long as the resistance at 91 lasts. The pair reached an intraday high of 90.06; it presently trades around 89.858.

Oscillators and moving averages to forecast the trend of NZDJPY

CMP- 89.85

EMA (1-hour chart)

55-EMA- 88.40

200-EMA- 88.90

365-EMA- 88.33. 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-  Neutral. All indicators confirm a neutral trend.

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