NZD/JPY may fall 50 - 74 pips

Our pivot point stands at 92.97.

Our preference

The downside prevails as long as 92.97 is resistance.

Alternative scenario

The upside breakout of 92.97, would call for 93.38 and 93.62.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 92.90 and 93.28).

Supports and resistances

93.62 **

93.38 *

92.97 **

92.81

92.62 last

92.12

91.88 **

91.63 *

91.39 **

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