EUR/JPY may rise 112 - 162 pips

156.51 is our pivot point.

Our preference

As long as 156.51 is support look for 158.82.

Alternative scenario

The downside breakout of 156.51 would call for 155.67 and 155.17.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 157.14 and 156.80).

Supports and resistances

159.82 **

159.32 *

158.82 **

158.32

157.20 last

156.84

156.51 **

155.67 *

155.17 **

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