NOK/JPY may fall 817 - 1217 pips

Our pivot point is at 14.60.

Our preference

The downside prevails as long as 14.60 is resistance.

Alternative scenario

Above 14.60, look for 14.67 and 14.70.

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 below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 14.65 and 14.65). Finally, the NOK/JPY has penetrated its lower Bollinger band (14.55).

Supports and resistances

14.70 **

14.67 *

14.60 **

14.58

14.53 last

14.45

14.41 **

14.38 *

14.34 **

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