NZD/JPY has formed a double top around 89.91 and is declining from that level. Overall trend is still bullish as long as support 88.40 holds.
The pair’s major resistance 90 and any break above could pave way for next target 91.07 (Mar 4th High) cannot be ruled out.
On the downside 89.30 (200 day 4 Hour EMA) will be acting as short term support and any break below will take the pair further down till 88.40/87.80.
Indicators (4 Hour chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku- Buy
Recommendations: Buy NZD/JPY around 89.35, SL 88.40, Target 91.05.
The pair’s major resistance 90 and any break above could pave way for next target 91.07 (Mar 4th High) cannot be ruled out.
On the downside 89.30 (200 day 4 Hour EMA) will be acting as short term support and any break below will take the pair further down till 88.40/87.80.
Indicators (4 Hour chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku- Buy
Recommendations: Buy NZD/JPY around 89.35, SL 88.40, Target 91.05.