NZD/JPY: Trade ideas for August 21
The NZDJPY had a significant rise during the session yesterday, by what this pair is trying to form a bullish pattern above the 200 EMA (green line). However, this pair could be a retracement to the support level of 86.64.
If the NZDJPY manages to make a breakout at the resistance level of 86.97, it would be expected to climb up to the resistance level of 87.26, which is above the 500 EMA. The CCI indicator is not showing divergences, although it has a tilt at the downwards.
Trading recommendations: Place buy orders if the NZDJPY does a breakout at the resistance level of 86.97, with take profit at 87.26.