EUR/JPY may rise 86 - 127 pips

161.57 is our pivot point.

Our preference

Rebound towards 163.48.

Alternative scenario

The downside breakout of 161.57 would call for 160.90 and 160.50.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands above its 20 period moving average (162.07) but below its 50 period moving average (162.75).

Supports and resistances

164.28 **

163.88 *

163.48 **

163.07

162.21 last

161.84

161.57 **

160.90 *

160.50 **

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