NZD/JPY may fall 44 - 66 pips

Our pivot point stands at 97.11.

Our preference

The downside prevails as long as 97.11 is resistance.

Alternative scenario

The upside breakout of 97.11, would call for 97.48 and 97.70.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 96.85 and 96.87). Finally, the NZD/JPY has penetrated its lower Bollinger band (96.80).

Supports and resistances

97.70 **

97.48 *

97.11 **

96.97

96.80 last

96.36

96.14 **

95.92 *

95.70 **

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