EUR/JPY may rise 110 - 162 pips

Our pivot point stands at 159.93.

Our preference

Rebound towards 162.30.

Alternative scenario

The downside breakout of 159.93 would call for 159.05 and 158.53.

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 160.83 and 160.97).

Supports and resistances

163.34 **

162.82 *

162.30 **

161.78

160.68 last

160.27

159.93 **

159.05 *

158.53 **

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