EUR/JPY may rise 90 - 134 pips

Our pivot point is at 162.56.

Our preference

Look for a drop towards 162.56 before a bounce.

Alternative scenario

Below 162.56, expect 161.82 and 161.37.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Moreover, the price is below its 20 period moving average (163.20) but above its 50 period moving average (163.18).

Supports and resistances

165.42 **

164.97 *

164.53 **

164.09

163.19 last

162.85

162.56 **

161.82 *

161.37 **

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