On board-based yen selling, NZDJPY topped the 90 level. The intraday trend is bullish as long as support at 88.70 lasts. The pair reached an intraday high of 89.76 and is currently trading around that level.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 90.41
EMA (4-hour chart)
55-EMA- 89.32
200-EMA- 87.89
365-EMA- 87.79. The pair trades above the short (55 EMA) and long-term moving average(200 and 365).
Major support- 89.67 Any breach below will drag the pair down to 89.30/88.70/88.40/87.99/87.20/86.65/85.37/85.
Major resistance - 90.50. Any break above 90.50 confirms minor bullishness, a jump to 91/91.39/92.
Indicator (4-hour chart)
CCI (50)- bullish
Average directional movement Index- Bullish. All indicators confirm a bullish trend.
It is good to buy on dips around 90 with SL around 89 for TP of 92.
