NZD/JPY may fall 49 - 69 pips

Our pivot point is at 96.76.

Our preference

The downside prevails as long as 96.76 is resistance.

Alternative scenario

The upside breakout of 96.76, would call for 97.10 and 97.31.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands above its 20 period moving average (96.47) but below its 50 period moving average (96.56).

Supports and resistances

97.31 **

97.10 *

96.76 **

96.63

96.49 last

96.00

95.80 **

95.60 *

95.39 **

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