NZD/JPY is trading weak,decline till 88.25 is possible
NZD/JPY has broken major support 90.17 (61.8% retracement of 89.06 and 92.40) and this confirms short term weakness, a decline till 87.10 cannot be ruled out.
On the downside minor support is around 89.10 and any break below will drag the pair further down till 88.21/87.10.
The pair is facing resistance around 90.25(20 day HMA) and any indicative break above would extend gains till 90.80/91.20.
Indicator (1 hour chart)
CCI (50) - Sell
CCI (14) – Sell
Ichimoku- Sell
It is good to sell on rallies around 89.70 with stop around 90.30 for the target of 88.25/87.10.
On the downside minor support is around 89.10 and any break below will drag the pair further down till 88.21/87.10.
The pair is facing resistance around 90.25(20 day HMA) and any indicative break above would extend gains till 90.80/91.20.
Indicator (1 hour chart)
CCI (50) - Sell
CCI (14) – Sell
Ichimoku- Sell
It is good to sell on rallies around 89.70 with stop around 90.30 for the target of 88.25/87.10.