EUR/JPY may rise 77 - 114 pips

Our pivot point stands at 169.26.

Our preference

Rebound towards 170.92.

Alternative scenario

The downside breakout of 169.26 would call for 168.64 and 168.27.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands above its 20 period moving average (169.70) but below its 50 period moving average (170.10).

Supports and resistances

171.66 **

171.29 *

170.92 **

170.55

169.78 last

169.50

169.26 **

168.64 *

168.27 **

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