CHF/JPY may rise 83 - 117 pips

Our pivot point is at 174.05.

Our preference

As long as 174.05 is support look for 175.69.

Alternative scenario

The downside breakout of 174.05 would call for 173.49 and 173.16.

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 price is above its 20 and 50 period moving average (respectively at 174.49 and 174.42).

Supports and resistances

176.35 **

176.02 *

175.69 **

175.35

174.52 last

174.27

174.05 **

173.49 *

173.16 **

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