EUR/JPY may rise 109 - 164 pips

160.83 is our pivot point.

Our preference

The upside prevails as long as 160.83 is support.

Alternative scenario

The downside breakout of 160.83 would call for 159.91 and 159.36.

Comment

The RSI is above its neutrality area at 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 161.38 and 161.13).

Supports and resistances

164.43 **

163.88 *

163.34 **

162.79

161.70 last

161.19

160.83 **

159.91 *

159.36 **

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