EUR/JPY may rise 67 - 100 pips

Our pivot point is at 170.91.

Our preference

As long as 170.91 is support look for 172.40.

Alternative scenario

The downside breakout of 170.91 would call for 170.35 and 170.02.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 171.34 and 171.02).

Supports and resistances

173.06 **

172.73 *

172.40 **

172.07

171.40 last

171.13

170.91 **

170.35 *

170.02 **

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