NZDJPY Pulls Back, but Holds the Line: Buy the Dip at 93.50 for a 96 Target?

NZDJPY pared some of its gains as New Zealand lost momentum. The intraday trend is positive as long as support at 93 holds. The couple hit a low of 93.71 and is now trading around 93.92.

Oscillators and moving averages to forecast the trend of NZDJPY

CMP- 93.92

EMA (1-hour chart)

55-EMA- 93.97

200-EMA- 93.26

365-EMA- 92.70. The pair trades below the short (55 EMA)  and above long-term moving average 200 and above 365).

Major support- 93.70. Any breach below will drag the pair down to 93.30/93/92.50/92/91.40/90.85/90.45/89.70.

Major resistance - 94.50. Any break above 94.20 confirms minor bullishness, a jump to 95/96.

Indicator (1- hour chart)

CCI (50)- bearish

Average directional movement Index-  Bearish. All indicators confirm a bearish trend.

It is good to buy on dips around 93.48-50 with SL around 92.50 for the TP of 96.