EUR/JPY may rise to 175.31 - 177.99

Our pivot point is at 165.95.

Our preference

The upside prevails as long as 165.95 is support.

Alternative scenario

The downside breakout of 165.95 would call for 161.45 and 158.78.

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 above its 20 and 50 period moving average (respectively at 167.53 and 165.33).

Supports and resistances

183.37 **

180.68 *

177.99 **

175.31

169.72 last

167.72

165.95 **

161.45 *

158.78 **

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