EUR/JPY may rise to 169.02 - 172.15

Our pivot point stands at 157.79.

Our preference

The upside prevails as long as 157.79 is support.

Alternative scenario

The downside breakout of 157.79 would call for 152.56 and 149.45.

Comment

The RSI is above 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 159.48 and 162.09).

Supports and resistances

178.41 **

175.28 *

172.15 **

169.02

162.27 last

159.85

157.79 **

152.56 *

149.45 **

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