NOK/JPY may fall 707 - 1007 pips

Our pivot point stands at 14.70.

Our preference

As long as 14.70 is resistance look for 14.53.

Alternative scenario

The upside breakout of 14.70, would call for 14.76 and 14.79.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and positive. The break above the 50 area on the RSI should trigger further gains. Moreover, the price stands above its 20 period moving average (14.63) but below its 50 period moving average (14.65).

Supports and resistances

14.79 **

14.76 *

14.70 **

14.68

14.63 last

14.56

14.53 **

14.50 *

14.46 **

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