CNH/JPY may rise 12 - 19 pips

Our pivot point is at 20.94.

Our preference

The upside prevails as long as 20.94 is support.

Alternative scenario

The downside breakout of 20.94 would call for 20.83 and 20.77.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 21 and 20.99). Finally, the CNH/JPY has crossed above its upper Bollinger band (21.04).

Supports and resistances

21.37 **

21.30 *

21.24 **

21.17

21.05 last

20.98

20.94 **

20.83 *

20.77 **

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