EUR/JPY may rise 95 - 140 pips

Our pivot point stands at 162.62.

Our preference

As long as 162.62 is support look for 164.62.

Alternative scenario

The downside breakout of 162.62 would call for 161.85 and 161.40.

Comment

The RSI is above 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 (163.29) but above its 50 period moving average (163.01).

Supports and resistances

165.53 **

165.07 *

164.62 **

164.17

163.22 last

162.91

162.62 **

161.85 *

161.40 **

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