NZD/JPY may fall 58 - 83 pips

Our pivot point stands at 89.48.

Our preference

The downside prevails as long as 89.48 is resistance.

Alternative scenario

Above 89.48, look for 89.90 and 90.15.

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 below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 89.95 and 90.38).

Supports and resistances

90.15 **

89.90 *

89.48 **

89.32

89.05 last

88.47

88.22 **

87.98 *

87.73 **

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