NZD/JPY may fall 62 - 92 pips

Our pivot point is at 91.97.

Our preference

The downside prevails as long as 91.97 is resistance.

Alternative scenario

Above 91.97, look for 92.48 and 92.78.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 91.85 and 91.67). Finally, the NZD/JPY has penetrated its lower Bollinger band (91.53).

Supports and resistances

92.78 **

92.48 *

91.97 **

91.77

91.44 last

90.82

90.52 **

90.22 *

89.91 **

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