EUR/JPY may rise 72 - 106 pips

Our pivot point stands at 170.55.

Our preference

Rebound.

Alternative scenario

Below 170.55, expect 169.99 and 169.66.

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 (170.72) but under its 50 period moving average (171.18).

Supports and resistances

172.74 **

172.41 *

172.08 **

171.74

171.02 last

170.76

170.55 **

169.99 *

169.66 **

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