EUR/JPY may rise 81 - 118 pips

Our pivot point stands at 170.05.

Our preference

The upside prevails as long as 170.05 is support.

Alternative scenario

Below 170.05, expect 169.42 and 169.05.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (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 169.89 and 169.84).

Supports and resistances

172.55 **

172.18 *

171.81 **

171.44

170.63 last

170.29

170.05 **

169.42 *

169.05 **

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