EUR/JPY may rise 75 - 112 pips

Our pivot point stands at 170.27.

Our preference

The upside prevails as long as 170.27 is support.

Alternative scenario

The downside breakout of 170.27 would call for 169.65 and 169.28.

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 170.62 and 170.40). Finally, the EUR/JPY is trading above its upper Bollinger band (standing at 170.81).

Supports and resistances

172.71 **

172.34 *

171.97 **

171.60

170.85 last

170.52

170.27 **

169.65 *

169.28 **

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