EUR/JPY may rise 113 - 168 pips

Our pivot point stands at 160.21.

Our preference

Rebound towards 162.66.

Alternative scenario

The downside breakout of 160.21 would call for 159.29 and 158.75.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands above its 20 period moving average (160.92) but below its 50 period moving average (161.37).

Supports and resistances

163.75 **

163.20 *

162.66 **

162.11

160.98 last

160.57

160.21 **

159.29 *

158.75 **

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