NZD/JPY may fall 33 - 48 pips

Our pivot point stands at 98.62.

Our preference

Target 97.91.

Alternative scenario

The upside breakout of 98.62, would call for 98.87 and 99.02.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (98.46) but above its 50 period moving average (98.32).

Supports and resistances

99.02 **

98.87 *

98.62 **

98.52

98.39 last

98.06

97.91 **

97.76 *

97.61 **

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