NOK/JPY may rise 937 - 1437 pips

13.59 is our pivot point.

Our preference

The upside prevails as long as 13.59 is support.

Alternative scenario

The downside breakout of 13.59 would call for 13.52 and 13.47.

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 13.53 and 13.45). Finally, the NOK/JPY has crossed above its upper Bollinger band (13.65).

Supports and resistances

13.90 **

13.85 *

13.81 **

13.76

13.67 last

13.62

13.59 **

13.52 *

13.47 **

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