NZD/JPY may fall 56 - 77 pips

Our pivot point is at 97.18.

Our preference

Under pressure below 97.18.

Alternative scenario

The upside breakout of 97.18, would call for 97.54 and 97.75.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 96.91 and 96.91).

Supports and resistances

97.75 **

97.54 *

97.18 **

97.04

96.75 last

96.19

95.98 **

95.77 *

95.56 **

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