CNH/JPY may fall 8 - 11 pips

Our pivot point is at 21.65.

Our preference

Target 21.50.

Alternative scenario

Above 21.65, look for 21.71 and 21.74.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (21.62) but above its 50 period moving average (21.59).

Supports and resistances

21.74 **

21.71 *

21.65 **

21.63

21.61 last

21.53

21.50 **

21.47 *

21.43 **

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