EUR/JPY may rise 94 - 138 pips

Our pivot point is at 162.41.

Our preference

The upside prevails as long as 162.41 is support.

Alternative scenario

The downside breakout of 162.41 would call for 161.66 and 161.21.

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 162.80 and 162.53). Finally, the EUR/JPY has crossed above its upper Bollinger band (163.06).

Supports and resistances

165.34 **

164.89 *

164.44 **

164.00

163.06 last

162.71

162.41 **

161.66 *

161.21 **

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