EUR/JPY may rise to 169.57 - 172.68

Our pivot point is at 158.34.

Our preference

The upside prevails as long as 158.34 is support.

Alternative scenario

The downside breakout of 158.34 would call for 153.15 and 150.06.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 160.45 and 161.40).

Supports and resistances

178.89 **

175.79 *

172.68 **

169.57

162.60 last

160.38

158.34 **

153.15 *

150.06 **

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