EUR/JPY may rise 58 - 87 pips

Our pivot point stands at 172.74.

Our preference

As long as 172.74 is support look for 174.12.

Alternative scenario

The downside breakout of 172.74 would call for 172.25 and 171.96.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 173.19 and 172.60).

Supports and resistances

174.70 **

174.41 *

174.12 **

173.83

173.25 last

172.93

172.74 **

172.25 *

171.96 **

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