NZD/JPY may fall 37 - 55 pips

97.98 is our pivot point.

Our preference

Under pressure below 97.98.

Alternative scenario

The upside breakout of 97.98, would call for 98.28 and 98.45.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 97.67 and 97.65).

Supports and resistances

98.45 **

98.28 *

97.98 **

97.86

97.61 last

97.24

97.06 **

96.88 *

96.70 **

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