EUR/JPY may rise 103 - 150 pips

159.70 is our pivot point.

Our preference

Rebound.

Alternative scenario

Below 159.70, expect 158.91 and 158.44.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above its 20 period moving average (160.15) but under its 50 period moving average (160.49). Finally, the EUR/JPY has crossed above its upper Bollinger band (160.39).

Supports and resistances

162.90 **

162.42 *

161.95 **

161.48

160.45 last

160.02

159.70 **

158.91 *

158.44 **

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