EUR/JPY may rise 75 - 113 pips

Our pivot point stands at 166.44.

Our preference

As long as 166.44 is support look for 168.07.

Alternative scenario

The downside breakout of 166.44 would call for 165.81 and 165.43.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (166.97) but above its 50 period moving average (166.21).

Supports and resistances

168.82 **

168.44 *

168.07 **

167.69

166.94 last

166.68

166.44 **

165.81 *

165.43 **

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