NZD/JPY may rise 38 - 56 pips

Our pivot point is at 97.56.

Our preference

As long as 97.56 is support look for 98.37.

Alternative scenario

The downside breakout of 97.56 would call for 97.26 and 97.08.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (97.84) but above its 50 period moving average (97.75).

Supports and resistances

98.72 **

98.54 *

98.37 **

98.19

97.81 last

97.67

97.56 **

97.26 *

97.08 **

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