EUR/JPY may rise 56 - 84 pips

Our pivot point stands at 173.54.

Our preference

Rebound towards 174.85.

Alternative scenario

The downside breakout of 173.54 would call for 173.07 and 172.79.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading above its 20 period moving average (173.99) but under its 50 period moving average (174.10).

Supports and resistances

175.41 **

175.13 *

174.85 **

174.57

174.01 last

173.73

173.54 **

173.07 *

172.79 **

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