EUR/JPY may rise 110 - 165 pips

161.31 is our pivot point.

Our preference

The upside prevails as long as 161.31 is support.

Alternative scenario

The downside breakout of 161.31 would call for 160.39 and 159.84.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 161.84 and 161.99).

Supports and resistances

164.85 **

164.30 *

163.75 **

163.20

162.10 last

161.67

161.31 **

160.39 *

159.84 **

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