EUR/JPY may rise 50 - 75 pips

Our pivot point is at 174.70.

Our preference

As long as 174.70 is support look for 175.80.

Alternative scenario

Below 174.70, expect 174.28 and 174.03.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 175.04 and 174.83).

Supports and resistances

176.30 **

176.05 *

175.80 **

175.55

175.05 last

174.86

174.70 **

174.28 *

174.03 **

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