EUR/JPY may rise 66 - 99 pips

170.55 is our pivot point.

Our preference

Rebound.

Alternative scenario

The downside breakout of 170.55 would call for 170 and 169.67.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (170.76) but under its 50 period moving average (171.08).

Supports and resistances

172.66 **

172.32 *

171.99 **

171.66

171.00 last

170.77

170.55 **

170.00 *

169.67 **

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