NZD/JPY may rise to 98.66 - 100.20

93.19 is our pivot point.

Our preference

The upside prevails as long as 93.19 is support.

Alternative scenario

The downside breakout of 93.19 would call for 90.61 and 89.08.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 93.52 and 92.07).

Supports and resistances

103.28 **

101.74 *

100.20 **

98.66

95.30 last

94.20

93.19 **

90.61 *

89.08 **

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