NZD/JPY may rise 68 - 98 pips

Our pivot point is at 87.48.

Our preference

The upside prevails as long as 87.48 is support.

Alternative scenario

Below 87.48, expect 86.97 and 86.67.

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 above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 87.55 and 87.29).

Supports and resistances

89.51 **

89.21 *

88.91 **

88.61

87.93 last

87.68

87.48 **

86.97 *

86.67 **

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