EUR/JPY may rise 88 - 129 pips

Our pivot point stands at 162.64.

Our preference

The upside prevails as long as 162.64 is support.

Alternative scenario

Below 162.64, expect 161.95 and 161.55.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 162.80 and 162.09).

Supports and resistances

165.33 **

164.93 *

164.52 **

164.11

163.23 last

162.91

162.64 **

161.95 *

161.55 **

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