EUR/JPY may rise to 177.55 - 179.87

Our pivot point is at 169.22.

Our preference

As long as 169.22 is support look for 179.87.

Alternative scenario

The downside breakout of 169.22 would call for 165.34 and 163.04.

Comment

The RSI is above 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 171.72 and 169.56).

Supports and resistances

184.50 **

182.19 *

179.87 **

177.55

172.73 last

170.75

169.22 **

165.34 *

163.04 **

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