EUR/JPY may rise 110 - 164 pips

Our pivot point is at 160.50.

Our preference

The upside prevails as long as 160.50 is support.

Alternative scenario

Below 160.50, expect 159.59 and 159.04.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 161.20 and 161.08).

Supports and resistances

164.03 **

163.49 *

162.94 **

162.40

161.30 last

160.86

160.50 **

159.59 *

159.04 **

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