CNH/JPY may rise 6 - 9 pips

Our pivot point is at 22.13.

Our preference

As long as 22.13 is support look for 22.27.

Alternative scenario

The downside breakout of 22.13 would call for 22.08 and 22.05.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (22.18) but above its 50 period moving average (22.17).

Supports and resistances

22.33 **

22.30 *

22.27 **

22.24

22.18 last

22.15

22.13 **

22.08 *

22.05 **

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