EUR/JPY may rise 98 - 147 pips

Our pivot point is at 159.95.

Our preference

As long as 159.95 is support look for 162.06.

Alternative scenario

The downside breakout of 159.95 would call for 159.12 and 158.64.

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 (160.68) but above its 50 period moving average (159.96).

Supports and resistances

163.04 **

162.55 *

162.06 **

161.57

160.59 last

160.27

159.95 **

159.12 *

158.64 **

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