EUR/JPY may rise 51 - 75 pips

Our pivot point is at 172.51.

Our preference

The upside prevails as long as 172.51 is support.

Alternative scenario

The downside breakout of 172.51 would call for 172.10 and 171.85.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 172.55 and 172.35).

Supports and resistances

174.09 **

173.85 *

173.60 **

173.36

172.85 last

172.67

172.51 **

172.10 *

171.85 **

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