EUR/JPY may rise 56 - 84 pips

Our pivot point is at 173.88.

Our preference

As long as 173.88 is support look for 175.24.

Alternative scenario

The downside breakout of 173.88 would call for 173.41 and 173.13.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 174.27 and 173.92).

Supports and resistances

175.80 **

175.52 *

175.24 **

174.96

174.40 last

174.06

173.88 **

173.41 *

173.13 **

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