EUR/JPY may rise 83 - 120 pips

Our pivot point stands at 164.53.

Our preference

Rebound towards 166.35.

Alternative scenario

The downside breakout of 164.53 would call for 163.91 and 163.53.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 165.69 and 166.47).

Supports and resistances

167.09 **

166.72 *

166.35 **

165.98

165.15 last

164.77

164.53 **

163.91 *

163.53 **

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