CNH/JPY may rise 11 - 17 pips

Our pivot point stands at 20.24.

Our preference

As long as 20.24 is support look for 20.48.

Alternative scenario

The downside breakout of 20.24 would call for 20.15 and 20.09.

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 below its 20 period moving average (20.32) but above its 50 period moving average (20.28).

Supports and resistances

20.59 **

20.53 *

20.48 **

20.42

20.31 last

20.27

20.24 **

20.15 *

20.09 **

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