EUR/JPY may rise 119 - 171 pips

Our pivot point is at 161.48.

Our preference

As long as 161.48 is support look for 164.14.

Alternative scenario

The downside breakout of 161.48 would call for 160.60 and 160.07.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 162.42 and 161.92).

Supports and resistances

165.20 **

164.67 *

164.14 **

163.62

162.43 last

161.83

161.48 **

160.60 *

160.07 **

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