EUR/JPY may rise 113 - 160 pips

159.80 is our pivot point.

Our preference

The upside prevails as long as 159.80 is support.

Alternative scenario

Below 159.80, expect 159.01 and 158.54.

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 159.99 and 160.13).

Supports and resistances

163.03 **

162.55 *

162.08 **

161.61

160.48 last

160.12

159.80 **

159.01 *

158.54 **

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