NZD/JPY may rise 32 - 47 pips

98.48 is our pivot point.

Our preference

The upside prevails as long as 98.48 is support.

Alternative scenario

The downside breakout of 98.48 would call for 98.23 and 98.07.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 98.55 and 98.52).

Supports and resistances

99.47 **

99.32 *

99.17 **

99.02

98.70 last

98.58

98.48 **

98.23 *

98.07 **

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