CHF/JPY may rise 75 - 111 pips

Our pivot point is at 170.84.

Our preference

Rebound.

Alternative scenario

The downside breakout of 170.84 would call for 170.24 and 169.88.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (171.19) but below its 50 period moving average (171.36).

Supports and resistances

173.15 **

172.79 *

172.43 **

172.07

171.32 last

171.08

170.84 **

170.24 *

169.88 **

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