CHF/JPY may rise 96 - 133 pips

Our pivot point stands at 171.39.

Our preference

As long as 171.39 is support look for 173.22.

Alternative scenario

The downside breakout of 171.39 would call for 170.77 and 170.40.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 171.80 and 171.60).

Supports and resistances

173.95 **

173.58 *

173.22 **

172.85

171.89 last

171.63

171.39 **

170.77 *

170.40 **

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