NZDJPY took support near 200- 4H EMA and showed a nice pullback due to the strong New Zealand. The intraday trend is bullish as long as support at 87.20 holds. Having reached an intraday high of 87.90, it now trades around 87.875
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 87.859
EMA (4-hour chart)
55-EMA- 87.46
200-EMA- 87.269
365-EMA- 87.278. The pair trades above the short (55 EMA) and long-term moving average.
Major support- 87.20. Any breach below will drag the pair down to 86.65/85.37/84.45/84.
Major resistance - 88.20. Any break above 88.20 confirms minor bullishness, a jump to 87.50/88.10/89.
Indicator (4-hour chart)
CCI (50)- bullish
Average directional movement Index- Bullish. All indicators confirm a bullish trend.
It is good to buy on dips around 87.48-50 with SL around 87 for TP of 89.20.
