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NZDJPY Eyes Higher Ground: Buy the Dips as Bulls Defend 88.70 Support

NZDJPY trades in a narrow range with positive bias. As long as support at 88.70 persists, the intraday trend is bullish. The pair hit a low of 88.87; it currently trades at about 89.195.

Oscillators and moving averages to forecast the trend of NZDJPY

CMP- 89.43

EMA (4-hour chart)

55-EMA- 88.78

200-EMA- 87.94

365-EMA- 87.63. The pair trades above the short (55 EMA)  and long-term moving average(200 and 365).

Major support- 88.70. Any breach below will drag the pair down to 88.40/87.99/87.20/86.65/85.37/84.45/84.

Major resistance - 89.65. Any break above 89.65 confirms minor bullishness, a jump to 90/90.65/92.

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 88.70-72 with SL around 88 for TP of 90.65/92.

 

 

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