CHF/JPY may rise to 182.02 - 183.38

Our pivot point is at 177.18.

Our preference

As long as 177.18 is support look for 183.38.

Alternative scenario

Below 177.18, expect 174.91 and 173.56.

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 below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 177.40 and 173.52).

Supports and resistances

186.09 **

184.73 *

183.38 **

182.02

179.17 last

178.07

177.18 **

174.91 *

173.56 **

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