NZD/JPY may rise 46 - 68 pips

Our pivot point stands at 96.53.

Our preference

Look for a drop towards 96.53 before a bounce.

Alternative scenario

Below 96.53, expect 96.16 and 95.94.

Comment

The RSI is above 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI should trigger further losses. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 96.84 and 96.79).

Supports and resistances

97.96 **

97.74 *

97.53 **

97.31

96.85 last

96.67

96.53 **

96.16 *

95.94 **

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