EUR/JPY may rise 77 - 114 pips

Our pivot point stands at 170.00.

Our preference

As long as 170 is support look for 171.65.

Alternative scenario

The downside breakout of 170 would call for 169.38 and 169.01.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (170.53) but above its 50 period moving average (170.09).

Supports and resistances

172.39 **

172.02 *

171.65 **

171.28

170.51 last

170.25

170.00 **

169.38 *

169.01 **

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