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NZDJPY has been consolidating in a narrow range between 85.99 and 86.46 for the past two days. Intraday trend remains bearish as long as the resistance at 86.80 holds. It hit an intraday high of 86.46 and is currently trading around 86.25. 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.
