NZD/JPY Short Term Outlook

FX:NZDJPY   New Zealand Dollar / Japanese Yen
120 0
NZD/JPY has broken major support 88.40 (200 day 4 HMA ) and currently trading around 87.85. This confirms the continuation of bear trend and reach till 86.75 ( 61.8% retracement of 84.05 and 91.07) cannot be ruled out.

On the upside minor resistance is around 88.50 (Support turned into resistance) and any break could pave way for next target 89/89.50.

The pair’s minor support is around 87.50 and break below will target 86.75.

Indicators (4 hour chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell

Recommendation: Sell NZD/JPY around 87.95, SL 88.50, Target 86.80.
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