NZD/JPY breaks major support 89,decline till 87.10 is possible

FX:NZDJPY   New Zealand Dollar / Japanese Yen
77 0 1
NZD/JPY has declined till 88.75 and currently trading around 89.10. Short term trend is bearish as long as resistance 89.75 holds.

On the downside minor support is around 88.70 and any break below will drag the pair further down till 88.21/87.10.

The pair is facing resistance around 89.75(20 day HMA ) and any indicative break above would extend gains till 91.20/91.55.

Indicator (1 hour chart)

CCI (50) - Sell

CCI (14) – Buy

Ichimoku- Sell

It is good to sell on rallies around 89.20 with stop around 89.80 for the target of 88.25/87.10.

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