CHF/JPY may rise 84 - 123 pips

Our pivot point is at 173.20.

Our preference

The upside prevails as long as 173.20 is support.

Alternative scenario

The downside breakout of 173.20 would call for 172.54 and 172.15.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 173.54 and 173.45). Finally, the CHF/JPY has crossed above its upper Bollinger band (173.75).

Supports and resistances

175.79 **

175.39 *

175.00 **

174.61

173.77 last

173.46

173.20 **

172.54 *

172.15 **

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