NZD/JPY may rise 52 - 76 pips

84.67 is our pivot point.

Our preference

Rebound.

Alternative scenario

The downside breakout of 84.67 would call for 84.27 and 84.04.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (84.93) but below its 50 period moving average (85.58).

Supports and resistances

86.46 **

86.22 *

85.99 **

85.75

85.23 last

84.82

84.67 **

84.27 *

84.04 **

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