NOK/JPY may fall to 13.4400 - 13.6900

Our pivot point stands at 14.67.

Our preference

The downside prevails as long as 14.67 is resistance.

Alternative scenario

The upside breakout of 14.67, would call for 15.09 and 15.35.

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 14.87 and 14.82).

Supports and resistances

15.35 **

15.09 *

14.67 **

14.50

14.19 last

13.69

13.44 **

13.19 *

12.94 **

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