NZD/JPY may fall 38 - 56 pips

Our pivot point stands at 98.36.

Our preference

The downside prevails as long as 98.36 is resistance.

Alternative scenario

Above 98.36, look for 98.66 and 98.84.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 98.12 and 98.14).

Supports and resistances

98.84 **

98.66 *

98.36 **

98.25

98.08 last

97.70

97.52 **

97.34 *

97.16 **

Number of asterisks represents the strength of support and resistance levels.