EUR/JPY may rise 100 - 145 pips

Our pivot point is at 161.94.

Our preference

Rebound.

Alternative scenario

The downside breakout of 161.94 would call for 161.18 and 160.73.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above its 20 period moving average (162.47) but under its 50 period moving average (162.73).

Supports and resistances

164.91 **

164.46 *

164.01 **

163.56

162.56 last

162.24

161.94 **

161.18 *

160.73 **

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