NZD/JPY may rise to 100.09 - 101.13

Our pivot point stands at 96.38.

Our preference

As long as 96.38 is support look for 101.13.

Alternative scenario

Below 96.38, expect 94.65 and 93.62.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 96.94 and 94.68).

Supports and resistances

103.19 **

102.16 *

101.13 **

100.09

97.83 last

97.06

96.38 **

94.65 *

93.62 **

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