EUR/JPY may rise 110 - 162 pips

Our pivot point is at 161.40.

Our preference

The upside prevails as long as 161.40 is support.

Alternative scenario

The downside breakout of 161.40 would call for 160.52 and 159.99.

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 161.46 and 162.12). Finally, the EUR/JPY has crossed above its upper Bollinger band (162.24).

Supports and resistances

164.92 **

164.40 *

163.87 **

163.35

162.25 last

161.75

161.40 **

160.52 *

159.99 **

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