7640759 7/12/2017 5:02 PM, CNH/JPY ST: the RSI is overbought


16.48 is our pivot point.


Our preference

: the upside prevails as long as 16.48 is support.


Alternative scenario

: the downside breakout of 16.48 would call for 16.21 and 16.05.


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 pair is trading above both its 20 and 50 MAs (respectively at 16.50 and 16.39).


Supports and resistances

:

17.56 **

17.40 *

17.24 **

17.08

16.70 last

16.58

16.48 **

16.21 *

16.05 **