NZDJPY on the M30 time-frame
NZD/JPY may rise 45 - 66 pips
Our pivot point is at 85.70.
Our preference
The upside prevails as long as 85.70 is support.
Alternative scenario
The downside breakout of 85.70 would call for 85.35 and 85.15.
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 above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 85.50 and 85.37).
Our pivot point is at 85.70.
Our preference
The upside prevails as long as 85.70 is support.
Alternative scenario
The downside breakout of 85.70 would call for 85.35 and 85.15.
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 above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 85.50 and 85.37).
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