NZD/JPY may rise to 100.72 - 101.77

Our pivot point stands at 97.07.

Our preference

The upside prevails as long as 97.07 is support.

Alternative scenario

Below 97.07, expect 95.32 and 94.27.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 97.30 and 95.11).

Supports and resistances

103.86 **

102.81 *

101.77 **

100.72

98.51 last

97.76

97.07 **

95.32 *

94.27 **

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