NZDJPY found support near the 365 4H EMA and exhibited a minor pullback. The intraday trend is bullish as long as support at 87.20 holds. The pair hit a low of 87.31 yesterday; it now trades at about 87.864.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 87.862
EMA (4-hour chart)
55-EMA- 87.75
200-EMA- 87.43
365-EMA- 87.307. The pair trades above the short (55 EMA) and long-term moving average.
Major support- 87.70. Any breach below will drag the pair down to 87.40/87.20/86.65/85.37/84.45/84.
Major resistance - 88. Any break above 88 confirms minor bullishness, a jump to 88.85/89/90.
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 87.48-50 with SL around 87 for TP of 88.85/89.
