EUR/JPY may rise 120 - 169 pips

Our pivot point is at 158.54.

Our preference

As long as 158.54 is support look for 160.90.

Alternative scenario

Below 158.54, expect 157.73 and 157.24.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (159.27) but above its 50 period moving average (158.68).

Supports and resistances

161.87 **

161.38 *

160.90 **

160.41

159.21 last

158.86

158.54 **

157.73 *

157.24 **

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