CNH/JPY may fall 6 - 9 pips

Our pivot point stands at 22.10.

Our preference

Target 21.94.

Alternative scenario

The upside breakout of 22.10, would call for 22.15 and 22.18.

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 pair is trading under its 20 period moving average (22.04) but above its 50 period moving average (22.01).

Supports and resistances

22.18 **

22.15 *

22.10 **

22.08

22.03 last

21.97

21.94 **

21.90 *

21.87 **

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