EUR/JPY may rise 109 - 161 pips

161.51 is our pivot point.

Our preference

As long as 161.51 is support look for 163.86.

Alternative scenario

The downside breakout of 161.51 would call for 160.62 and 160.10.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 162.10 and 161.88).

Supports and resistances

164.91 **

164.39 *

163.86 **

163.34

162.25 last

161.85

161.51 **

160.62 *

160.10 **

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