NZD/JPY may rise 33 - 48 pips

96.58 is our pivot point.

Our preference

Rebound towards 97.27.

Alternative scenario

The downside breakout of 96.58 would call for 96.33 and 96.19.

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 above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 97.08 and 97.87).

Supports and resistances

97.57 **

97.42 *

97.27 **

97.12

96.79 last

96.68

96.58 **

96.33 *

96.19 **

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