EUR/JPY may rise 57 - 82 pips

Our pivot point stands at 172.93.

Our preference

The upside prevails as long as 172.93 is support.

Alternative scenario

The downside breakout of 172.93 would call for 172.51 and 172.27.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 173.08 and 173.08).

Supports and resistances

174.64 **

174.39 *

174.15 **

173.90

173.33 last

173.09

172.93 **

172.51 *

172.27 **

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