EUR/JPY may rise 85 - 124 pips

158.03 is our pivot point.

Our preference

The upside prevails as long as 158.03 is support.

Alternative scenario

Below 158.03, expect 157.37 and 156.98.

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 157.68 and 157.31).

Supports and resistances

160.75 **

160.36 *

159.97 **

159.58

158.73 last

158.29

158.03 **

157.37 *

156.98 **

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