NZD/JPY may rise 46 - 68 pips

Our pivot point stands at 96.34.

Our preference

The upside prevails as long as 96.34 is support.

Alternative scenario

The downside breakout of 96.34 would call for 95.97 and 95.75.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 96.15 and 95.84).

Supports and resistances

97.80 **

97.58 *

97.36 **

97.14

96.68 last

96.49

96.34 **

95.97 *

95.75 **

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