EUR/JPY may rise 94 - 138 pips

161.91 is our pivot point.

Our preference

Rebound.

Alternative scenario

Below 161.91, expect 161.16 and 160.71.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (162.48) but under its 50 period moving average (162.53).

Supports and resistances

164.80 **

164.35 *

163.90 **

163.46

162.52 last

162.20

161.91 **

161.16 *

160.71 **

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