EUR/JPY may rise 94 - 140 pips

Our pivot point stands at 162.90.

Our preference

The upside prevails as long as 162.90 is support.

Alternative scenario

The downside breakout of 162.90 would call for 162.14 and 161.68.

Comment

The RSI is above its neutrality area at 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 163.29 and 163.18).

Supports and resistances

165.84 **

165.38 *

164.93 **

164.47

163.53 last

163.20

162.90 **

162.14 *

161.68 **

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