EUR/JPY may rise 75 - 113 pips

Our pivot point stands at 166.26.

Our preference

Rebound towards 167.89.

Alternative scenario

The downside breakout of 166.26 would call for 165.63 and 165.25.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 167.05 and 167.92).

Supports and resistances

168.64 **

168.26 *

167.89 **

167.51

166.76 last

166.50

166.26 **

165.63 *

165.25 **

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