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NZD/JPY Rides Bullish Wave: Buy Dips for a Target of 88

NZDJPY halted its two-week bullish trend and showed a minor sell-off. Intraday trend remains bullish as long as the support at 86.50 holds. It hit a high of 87.27 and is currently trading around 87.02. The overall bearish trend is intact as long as the resistance at 89.20 holds.

Technicals-

 The pair is trading above 55 EMA,  below 200-EMA, and 365 EMA on the 4-hour chart.

 

The near-term resistance is around 87.30, breach above targets 87.70/88/89.05.  The immediate support is at 86.80; any violation below will drag the pair to 86.50/86/85.50/85.10/84.06.

 

Indicator (4-hour chart)

 

CCI (50)-  Bullish

 

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

 

It is good to buy on dips around 86.80  with SL around 86.40 for TP of 88.

 

 

 

 

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