EUR/JPY may rise 117 - 172 pips

Our pivot point stands at 161.65.

Our preference

As long as 161.65 is support look for 164.16.

Alternative scenario

The downside breakout of 161.65 would call for 160.73 and 160.18.

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 pair is trading under its 20 period moving average (162.48) but above its 50 period moving average (162.10).

Supports and resistances

165.26 **

164.71 *

164.16 **

163.61

162.44 last

162.02

161.65 **

160.73 *

160.18 **

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