EUR/JPY may rise 115 - 170 pips

Our pivot point stands at 161.00.

Our preference

The upside prevails as long as 161 is support.

Alternative scenario

Below 161, expect 160.08 and 159.54.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 161.43 and 161.17).

Supports and resistances

164.61 **

164.07 *

163.52 **

162.97

161.82 last

161.36

161.00 **

160.08 *

159.54 **

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