EUR/JPY may rise 92 - 137 pips

Our pivot point is at 162.09.

Our preference

As long as 162.09 is support look for 164.06.

Alternative scenario

The downside breakout of 162.09 would call for 161.34 and 160.89.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 162.69 and 162.56).

Supports and resistances

164.95 **

164.51 *

164.06 **

163.61

162.69 last

162.39

162.09 **

161.34 *

160.89 **

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