NZDJPY
Our pivot point is at 77.81.
Our preference:
as long as 77.81 is support look for 78.55.
Alternative scenario:
the downside breakout of 77.81 would call for 77.54 and 77.38.
Comment:
the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (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 77.78 and 77.26).
Our preference:
as long as 77.81 is support look for 78.55.
Alternative scenario:
the downside breakout of 77.81 would call for 77.54 and 77.38.
Comment:
the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (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 77.78 and 77.26).
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