NZD/JPY Stuck in a Tight Range: Bearish Signals Dominate

NZDJPY traded in a narrow range between 86.43 and 87.45 for the past three days. As long as resistance at 87.50 holds, the intraday trend is bearish. Having hit an intraday low of 86.65, it currently trades at roughly 86.55. Overall trend is still weak if the pair trades below 89.20.

Oscillators and moving averages to forecast the trend of NZDJPY

CMP- 86.55

EMA (4-hour chart)

55-EMA- 87.08

200-EMA- 87

365-EMA- 87.04. The pair trades below the short and long long-term moving average.

Major support- 86.40. Any breach below will drag the pair down to 86/85.37.

Major resistance - 87.50. Any break above 87.50 confirms minor bullishness, a jump to 88.10/88.50/89.25.

Indicator (4-hour chart)

CCI (50)- bearish

Average directional movement Index- Bearish. All indicators confirm a bearish trend.

It is good to sell on rallies around 87 with SL around 87.50 for TP of 86/85.38.