CNH/JPY may rise 12 - 18 pips

20.84 is our pivot point.

Our preference

Our next up target stands at 21.12.

Alternative scenario

The downside breakout of 20.84 would call for 20.74 and 20.67.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price is above its 20 and 50 period moving average (respectively at 20.91 and 20.93).

Supports and resistances

21.25 **

21.18 *

21.12 **

21.06

20.94 last

20.88

20.84 **

20.74 *

20.67 **

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