CNH/JPY may rise 6 - 9 pips

22.04 is our pivot point.

Our preference

The upside prevails as long as 22.04 is support.

Alternative scenario

Below 22.04, expect 21.99 and 21.96.

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 above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 22.04 and 22.05). Finally, the CNH/JPY has crossed above its upper Bollinger band (22.09).

Supports and resistances

22.25 **

22.22 *

22.19 **

22.16

22.10 last

22.06

22.04 **

21.99 *

21.96 **

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