CNH/JPY may fall 8 - 12 pips

Our pivot point is at 20.72.

Our preference

As long as 20.72 is resistance look for 20.53.

Alternative scenario

Above 20.72, look for 20.79 and 20.83.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and above its signal line. The break above the 50 area on the RSI would call for further upside. Moreover, the price stands above its 20 period moving average (20.65) but below its 50 period moving average (20.66).

Supports and resistances

20.83 **

20.79 *

20.72 **

20.69

20.65 last

20.57

20.53 **

20.48 *

20.44 **

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