NZD/JPY may fall 58 - 84 pips

Our pivot point stands at 88.35.

Our preference

The downside prevails as long as 88.35 is resistance.

Alternative scenario

The upside breakout of 88.35, would call for 88.78 and 89.03.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 88.16 and 88.42).

Supports and resistances

89.03 **

88.78 *

88.35 **

88.18

88.01 last

87.43

87.17 **

86.92 *

86.66 **

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