EUR/JPY may rise 50 - 75 pips

Our pivot point stands at 172.72.

Our preference

Rebound.

Alternative scenario

Below 172.72, expect 172.31 and 172.07.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above its 20 period moving average (172.75) but under its 50 period moving average (173.63).

Supports and resistances

174.31 **

174.06 *

173.82 **

173.57

173.07 last

172.89

172.72 **

172.31 *

172.07 **

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