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Short Covering Lifts NZD/JPY: Buying the 88.48 Dip Amid Moving Average Resistance

NZDJPY gained slightly due to short covering. The uptrend seems to be leaning toward favorability if the 88 resistance holds.

 

Technicals

CMP-88.77

Trend

1- Hour chart

Value

 

 

55 EMA

88.48

CMP>value

Bullish

200- EMA

88.87

CMP <value

Bearish

365- EMA

89.35

CMP<value

Bearish

  1. EMA

90.51

CMP<Value

Bearish

 Near-term resistance - 89/89.60/90/90.80/91.25/91.80/92/92.30/93.20. Near-term support- 88/87/86.34.

Momentum indicator

Inference

Value

CCI(50)

Bullish

124.36

ADX

Neutral

 

 It is good to buy on dips around 88.48-50, with an SL around 88 for a TP of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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