CHF/JPY may rise to 176.33 - 178.87

Our pivot point is at 167.20.

Our preference

Rebound towards 178.87.

Alternative scenario

The downside breakout of 167.20 would call for 162.95 and 160.42.

Comment

The RSI is below 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 171.30 and 174.84).

Supports and resistances

183.95 **

181.41 *

178.87 **

176.33

171.17 last

168.87

167.20 **

162.95 *

160.42 **

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