EUR/JPY may rise 115 - 170 pips

Our pivot point is at 161.70.

Our preference

As long as 161.70 is support look for 164.18.

Alternative scenario

Below 161.70, expect 160.78 and 160.23.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (162.50) but above its 50 period moving average (162.23).

Supports and resistances

165.27 **

164.73 *

164.18 **

163.63

162.48 last

162.06

161.70 **

160.78 *

160.23 **

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