NOK/JPY may fall 686 - 1086 pips

Our pivot point stands at 15.09.

Our preference

The downside prevails as long as 15.09 is resistance.

Alternative scenario

The upside breakout of 15.09, would call for 15.15 and 15.18.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 15.08 and 15.09). Finally, the NOK/JPY has penetrated its lower Bollinger band (15.04).

Supports and resistances

15.18 **

15.15 *

15.09 **

15.06

15.03 last

14.96

14.92 **

14.88 *

14.85 **

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