NOK/JPY may rise 645 - 945 pips

Our pivot point stands at 14.86.

Our preference

The upside prevails as long as 14.86 is support.

Alternative scenario

The downside breakout of 14.86 would call for 14.81 and 14.78.

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 14.86 and 14.86). Finally, the NOK/JPY has crossed above its upper Bollinger band (14.91).

Supports and resistances

15.08 **

15.04 *

15.01 **

14.98

14.92 last

14.89

14.86 **

14.81 *

14.78 **

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