EUR/JPY may rise 74 - 111 pips

169.37 is our pivot point.

Our preference

The upside prevails as long as 169.37 is support.

Alternative scenario

The downside breakout of 169.37 would call for 168.75 and 168.38.

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 above its 20 and 50 period moving average (respectively at 169.74 and 169.75).

Supports and resistances

171.93 **

171.56 *

171.19 **

170.82

170.08 last

169.61

169.37 **

168.75 *

168.38 **

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