NZDJPY Power Play: Bulls Defend 90.80 – Eyes on 95 Breakout

NZDJPY is consolidating in a narrow range after two days of a massive jump. As long as support 90.80 holds, the intraday trend is upward. The pair topped highs of 92.50 yesterday; it presently trades around 92.12.

Oscillators and moving averages to forecast the trend of NZDJPY

CMP- 92.42

EMA (4-hour chart)

55-EMA- 91.20

200-EMA- 90.38

365-EMA- 89.63. The pair trades above the short (55 EMA)  and above long-term moving average(200 and 365).

Major support- 91.85. Any breach below will drag the pair down to 91.35/90.85/90.45/89.70/89.20/88.70/88.40/87.99.

Major resistance - 92.50. Any break above 92.50 confirms minor bullishness, a jump to 93/93.67/95.

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 91.85  with SL around 90.60 for the TP of 94/95.