EUR/JPY may rise 120 - 175 pips

Our pivot point stands at 160.17.

Our preference

Rebound towards 162.65.

Alternative scenario

Below 160.17, expect 159.26 and 158.71.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 161.13 and 161.74).

Supports and resistances

163.73 **

163.19 *

162.65 **

162.10

160.90 last

160.53

160.17 **

159.26 *

158.71 **

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