EUR/JPY may rise 104 - 151 pips

Our pivot point stands at 158.87.

Our preference

Rebound towards 161.18.

Alternative scenario

The downside breakout of 158.87 would call for 158.08 and 157.61.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 159.86 and 160.24).

Supports and resistances

162.12 **

161.65 *

161.18 **

160.71

159.67 last

159.18

158.87 **

158.08 *

157.61 **

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