NZD/JPY may rise to 100.23 - 101.47

Our pivot point stands at 95.82.

Our preference

As long as 95.82 is support look for 101.47.

Alternative scenario

The downside breakout of 95.82 would call for 93.75 and 92.52.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 96.60 and 94.12).

Supports and resistances

103.94 **

102.70 *

101.47 **

100.23

97.75 last

96.64

95.82 **

93.75 *

92.52 **

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