NZD/JPY may rise 67 - 97 pips

Our pivot point stands at 89.02.

Our preference

The upside prevails as long as 89.02 is support.

Alternative scenario

The downside breakout of 89.02 would call for 88.51 and 88.20.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 88.78 and 88.53).

Supports and resistances

91.02 **

90.72 *

90.41 **

90.11

89.44 last

89.22

89.02 **

88.51 *

88.20 **

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