EUR/JPY may rise 110 - 160 pips

Our pivot point stands at 155.86.

Our preference

The upside prevails as long as 155.86 is support.

Alternative scenario

The downside breakout of 155.86 would call for 155.03 and 154.53.

Comment

The RSI is above its neutrality area at 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 156.29 and 156).

Supports and resistances

159.13 **

158.63 *

158.13 **

157.63

156.53 last

156.19

155.86 **

155.03 *

154.53 **

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