EUR/JPY may rise 115 - 163 pips

160.36 is our pivot point.

Our preference

As long as 160.36 is support look for 162.87.

Alternative scenario

The downside breakout of 160.36 would call for 159.57 and 159.09.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 160.59 and 159.58).

Supports and resistances

163.82 **

163.34 *

162.87 **

162.39

161.24 last

160.68

160.36 **

159.57 *

159.09 **

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