After another failed attempt to break below the major support near 88.00, NZD/JPY might be getting ready to rally up. The CCI oscillator has entered the oversold zone again suggesting an upcoming continuation of a range trading or a continuation of the major uptrend.
Consider buying NZD/JPY at the current level targeting at 91.50 where the key resistance is. The risk reward for the trade seems very reasonable with the stop loss just below S2 (87.21).
Support: 88.18, 87.21
Resistance: 89.16, 90.39, 91.46
The material has been provided by InstaForex Company – www.instaforex.com