EUR/JPY may rise 68 - 101 pips

172.13 is our pivot point.

Our preference

Look for a drop towards 172.13 before a bounce.

Alternative scenario

The downside breakout of 172.13 would call for 171.57 and 171.23.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI should trigger further losses. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 172.61 and 172.58).

Supports and resistances

174.30 **

173.97 *

173.63 **

173.30

172.62 last

172.35

172.13 **

171.57 *

171.23 **

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