CHF/JPY may rise 78 - 116 pips

Our pivot point stands at 172.68.

Our preference

The upside prevails as long as 172.68 is support.

Alternative scenario

Below 172.68, expect 172.03 and 171.64.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 172.75 and 172.86).

Supports and resistances

175.21 **

174.83 *

174.44 **

174.06

173.28 last

172.93

172.68 **

172.03 *

171.64 **

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