EUR/JPY may rise 139 - 186 pips

159.12 is our pivot point.

Our preference

The upside prevails as long as 159.12 is support.

Alternative scenario

The downside breakout of 159.12 would call for 158.33 and 157.86.

Comment

The RSI is above its neutrality area at 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 158.44 and 158.54). Finally, the EUR/JPY has crossed above its upper Bollinger band (159.74).

Supports and resistances

162.74 **

162.27 *

161.79 **

161.32

159.93 last

159.43

159.12 **

158.33 *

157.86 **

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