NZDJPY: Sell the Rallies as Bears Guard 92 and Range Trade Persists

NZDJPY traded in a narrow range between 89.22 and 91.25 for the past four days. The intraday trend is bearish as long as the resistance at 92 lasts. The pair reached an intraday high of 91.25; it presently trades around 91.05.

Oscillators and moving averages to forecast the trend of NZDJPY

CMP- 91.05

EMA (4-hour chart)

55-EMA- 90.34

200-EMA- 89.28

365-EMA- 88.61. 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.