NZD/JPY may rise 44 - 65 pips

94.66 is our pivot point.

Our preference

Rebound.

Alternative scenario

The downside breakout of 94.66 would call for 94.31 and 94.11.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (94.85) but below its 50 period moving average (94.97).

Supports and resistances

96.01 **

95.81 *

95.60 **

95.39

94.95 last

94.80

94.66 **

94.31 *

94.11 **

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