NZD/JPY may fall 49 - 73 pips

Our pivot point stands at 93.32.

Our preference

The downside prevails as long as 93.32 is resistance.

Alternative scenario

The upside breakout of 93.32, would call for 93.73 and 93.98.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 93.40 and 93.70).

Supports and resistances

93.98 **

93.73 *

93.32 **

93.16

92.96 last

92.47

92.23 **

91.98 *

91.74 **

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