CNH/JPY may rise 12 - 18 pips

Our pivot point is at 21.17.

Our preference

The upside prevails as long as 21.17 is support.

Alternative scenario

Below 21.17, expect 21.08 and 21.02.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). 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 21.19 and 21.17).

Supports and resistances

21.54 **

21.49 *

21.43 **

21.37

21.25 last

21.21

21.17 **

21.08 *

21.02 **

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