EUR/JPY may rise 51 - 76 pips

Our pivot point is at 172.03.

Our preference

Our next up target stands at 173.23.

Alternative scenario

The downside breakout of 172.03 would call for 171.62 and 171.37.

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 trigger further gains. Moreover, the price is above its 20 and 50 period moving average (respectively at 172.15 and 172.34). Finally, the EUR/JPY is trading above its upper Bollinger band (standing at 172.38).

Supports and resistances

173.72 **

173.47 *

173.23 **

172.98

172.47 last

172.19

172.03 **

171.62 *

171.37 **

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