EUR/JPY may rise 108 - 156 pips

157.20 is our pivot point.

Our preference

As long as 157.20 is support look for 159.43.

Alternative scenario

Below 157.20, expect 156.39 and 155.91.

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 157.85 and 157.06).

Supports and resistances

160.39 **

159.91 *

159.43 **

158.95

157.87 last

157.52

157.20 **

156.39 *

155.91 **

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