EUR/JPY may rise 96 - 140 pips

Our pivot point stands at 161.95.

Our preference

The upside prevails as long as 161.95 is support.

Alternative scenario

The downside breakout of 161.95 would call for 161.20 and 160.75.

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 above its 20 and 50 period moving average (respectively at 162.49 and 162.55).

Supports and resistances

164.87 **

164.42 *

163.97 **

163.53

162.57 last

162.24

161.95 **

161.20 *

160.75 **

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