EUR/JPY may rise 93 - 131 pips

166.54 is our pivot point.

Our preference

The upside prevails as long as 166.54 is support.

Alternative scenario

The downside breakout of 166.54 would call for 165.91 and 165.53.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 166.18 and 166.17).

Supports and resistances

169.20 **

168.82 *

168.45 **

168.07

167.14 last

166.79

166.54 **

165.91 *

165.53 **

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