EUR/JPY may rise 98 - 143 pips

Our pivot point stands at 162.12.

Our preference

Rebound towards 164.17.

Alternative scenario

The downside breakout of 162.12 would call for 161.37 and 160.92.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading above its 20 period moving average (162.67) but under its 50 period moving average (163.02).

Supports and resistances

165.06 **

164.62 *

164.17 **

163.72

162.74 last

162.42

162.12 **

161.37 *

160.92 **

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