NZDJPY gained sharply above the 90 level on the back of yen weakness. The intraday trend is bullish as long as support at 89.20 lasts. The pair reached an intraday high of 90.869; it presently trades around 90.75.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 90.76
EMA (4-hour chart)
55-EMA- 89.95
200-EMA- 89.04
365-EMA- 88.44. The pair trades above the short (55 EMA) and long-term moving average(200 and 365).
Major support- 90.45. Any breach below will drag the pair down to 90/89.70/89.20/88.70/88.40/87.99.
Major resistance - 91. Any break above 90 confirms minor bullishness, a jump to 91.39/92/93.
Indicator (4-hour chart)
CCI (50)- bullish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to buy on dips around 90.40-42 with SL around 89.70 for TP of 92.
