CNH/JPY may fall to 20.35 - 20.70

Our pivot point stands at 22.04.

Our preference

Target 20.35.

Alternative scenario

Above 22.04, look for 22.64 and 22.99.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (21.55) but above its 50 period moving average (21.33). Finally, the CNH/JPY is trading below its lower Bollinger band (standing at 21.42).

Supports and resistances

22.99 **

22.64 *

22.04 **

21.80

21.41 last

20.70

20.35 **

19.99 *

19.64 **

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