EUR/JPY may rise 106 - 159 pips

160.55 is our pivot point.

Our preference

Our next up target stands at 162.92.

Alternative scenario

Below 160.55, expect 159.67 and 159.15.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 161.03 and 161.33). Finally, the EUR/JPY is trading above its upper Bollinger band (standing at 161.33).

Supports and resistances

163.96 **

163.44 *

162.92 **

162.39

161.33 last

160.90

160.55 **

159.67 *

159.15 **

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