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NZDJPY has been trading in a narrow range between 87.86 and 87.16 for the past three days. The intraday trend remains bullish as long as support at 87 holds. It hit a high of 87.79 yesterday and is currently trading around 87.586. The overall bearish trend is intact as long as the resistance at 89.20 holds.
Technicals-
The pair is trading above the 55 EMA, 200 EMA, and 365 EMA on the 4-hour chart.
The near-term resistance is around 87.90, breach above targets 89.20/90. The immediate support is at 87.40, any violation below will drag the pair to 87.16/87/86.65/86/85.50/85.10/84.06.
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 87.40 with SL around 87 for TP of 89.20/90.
