EUR/JPY may rise 113 - 165 pips

Our pivot point stands at 161.63.

Our preference

The upside prevails as long as 161.63 is support.

Alternative scenario

The downside breakout of 161.63 would call for 160.74 and 160.22.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 161.97 and 161.55).

Supports and resistances

165.14 **

164.61 *

164.08 **

163.56

162.43 last

161.97

161.63 **

160.74 *

160.22 **

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