EUR/JPY may rise 60 - 89 pips

Our pivot point stands at 172.93.

Our preference

As long as 172.93 is support look for 174.21.

Alternative scenario

The downside breakout of 172.93 would call for 172.45 and 172.16.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (173.35) but above its 50 period moving average (173.23).

Supports and resistances

174.78 **

174.49 *

174.21 **

173.92

173.32 last

173.12

172.93 **

172.45 *

172.16 **

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