CHF/JPY may rise 81 - 120 pips

Our pivot point is at 172.83.

Our preference

The upside prevails as long as 172.83 is support.

Alternative scenario

Below 172.83, expect 172.17 and 171.77.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 173.01 and 172.91).

Supports and resistances

175.39 **

175.00 *

174.60 **

174.21

173.40 last

173.09

172.83 **

172.17 *

171.77 **

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