CNH/JPY may fall 12 - 18 pips

Our pivot point stands at 21.43.

Our preference

The downside prevails as long as 21.43 is resistance.

Alternative scenario

The upside breakout of 21.43, would call for 21.53 and 21.59.

Comment

The RSI is below 50. 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 21.38 and 21.39). Finally, the CNH/JPY is trading below its lower Bollinger band (standing at 21.34).

Supports and resistances

21.59 **

21.53 *

21.43 **

21.39

21.34 last

21.22

21.16 **

21.10 *

21.04 **

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