NZD/JPY may fall to 80.41 - 82.13

Our pivot point is at 89.53.

Our preference

The downside prevails as long as 89.53 is resistance.

Alternative scenario

The upside breakout of 89.53, would call for 92.46 and 94.21.

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 93.50 and 95.16).

Supports and resistances

94.21 **

92.46 *

89.53 **

88.37

85.88 last

82.13

80.41 **

78.70 *

76.98 **

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