EUR/JPY may rise to 175.85 - 178.42

Our pivot point stands at 166.90.

Our preference

The upside prevails as long as 166.90 is support.

Alternative scenario

The downside breakout of 166.90 would call for 162.59 and 160.03.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 168.15 and 166.11).

Supports and resistances

183.57 **

180.99 *

178.42 **

175.85

170.57 last

168.60

166.90 **

162.59 *

160.03 **

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