NZDJPY pared most of its gains on a weak New Zealand dollar. Intraday trend remains bearish as long as the resistance at 86.80 holds. It hit a low of 85.55 and is currently trading around 86.41. The overall bearish trend is intact as long as the resistance at 89.20 holds.
Technicals-
The pair is trading below 34- and 55 EMA, 200-EMA 365 EMA in the one-hour chart.
The near-term resistance is around 86.50, breach above targets 86.81/87.70. The immediate support is at 86; any violation below will drag the pair to 85.50/85.10/84.06.
Indicator (1-hour chart)
CCI (50)- Bearish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to sell on rallies around 86.38-40 with SL around 87 for TP of 84.
