EUR/JPY may rise 73 - 106 pips

171.00 is our pivot point.

Our preference

The upside prevails as long as 171 is support.

Alternative scenario

The downside breakout of 171 would call for 170.45 and 170.11.

Comment

The RSI is above 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 171.42 and 171.19). Finally, the EUR/JPY has crossed above its upper Bollinger band (171.59).

Supports and resistances

173.36 **

173.03 *

172.70 **

172.37

171.64 last

171.22

171.00 **

170.45 *

170.11 **

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