NZD/JPY may fall 55 - 79 pips

93.10 is our pivot point.

Our preference

The downside prevails as long as 93.10 is resistance.

Alternative scenario

The upside breakout of 93.10, would call for 93.51 and 93.75.

Comment

The RSI is below its neutrality area at 50. 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 92.98 and 93.38). Finally, the NZD/JPY has penetrated its lower Bollinger band (92.77).

Supports and resistances

93.75 **

93.51 *

93.10 **

92.94

92.77 last

92.22

91.98 **

91.73 *

91.49 **

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