EUR/JPY may rise 107 - 159 pips

Our pivot point is at 160.14.

Our preference

Rebound.

Alternative scenario

Below 160.14, expect 159.26 and 158.74.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (160.77) but below its 50 period moving average (160.93).

Supports and resistances

163.49 **

162.96 *

162.44 **

161.92

160.85 last

160.48

160.14 **

159.26 *

158.74 **

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