EUR/JPY may rise 78 - 116 pips

Our pivot point stands at 166.70.

Our preference

Our next up target stands at 168.41.

Alternative scenario

Below 166.70, expect 166.07 and 165.69.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price is above its 20 and 50 period moving average (respectively at 166.99 and 167.06).

Supports and resistances

169.16 **

168.78 *

168.41 **

168.03

167.25 last

166.94

166.70 **

166.07 *

165.69 **

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