NZD/JPY may rise 55 - 80 pips

88.32 is our pivot point.

Our preference

As long as 88.32 is support look for 89.50.

Alternative scenario

The downside breakout of 88.32 would call for 87.89 and 87.63.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 88.15 and 86.91).

Supports and resistances

90.02 **

89.76 *

89.50 **

89.25

88.70 last

88.49

88.32 **

87.89 *

87.63 **

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