NZD/JPY may fall 47 - 69 pips

95.97 is our pivot point.

Our preference

The downside prevails as long as 95.97 is resistance.

Alternative scenario

Above 95.97, look for 96.34 and 96.56.

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 95.94 and 96.21).

Supports and resistances

96.56 **

96.34 *

95.97 **

95.83

95.67 last

95.20

94.98 **

94.76 *

94.54 **

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