NZD/JPY may rise 52 - 77 pips

Our pivot point stands at 89.29.

Our preference

Rebound.

Alternative scenario

The downside breakout of 89.29 would call for 88.87 and 88.63.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (89.25) but below its 50 period moving average (89.80).

Supports and resistances

91.01 **

90.76 *

90.51 **

90.26

89.74 last

89.46

89.29 **

88.87 *

88.63 **

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