NZD/JPY Short term outlook
NZD/JPY has retreated from the high of 92.04 after release of dovish RBNZ policy statement. It sinks till 90.25 after RBNZ opened the door to rate cuts.
On the downside minor support is around 90.17 (61.8% retracement of 89.06 and 92.40) and any break below will drag the pair further down till 89.05/88.21.
The pair is facing resistance around 90.50 (200 day 4HMA) and any indicative break above would extend gains till 91.20/91.55.
Indicator (4 hour chart)
CCI (50) - Sell
Woodies CCI (14) – Sell
Ichimoku- Sell
It is good to sell on rallies around 90.50 with stop around 91.20 for the target of 89.10.
On the downside minor support is around 90.17 (61.8% retracement of 89.06 and 92.40) and any break below will drag the pair further down till 89.05/88.21.
The pair is facing resistance around 90.50 (200 day 4HMA) and any indicative break above would extend gains till 91.20/91.55.
Indicator (4 hour chart)
CCI (50) - Sell
Woodies CCI (14) – Sell
Ichimoku- Sell
It is good to sell on rallies around 90.50 with stop around 91.20 for the target of 89.10.