EUR/JPY may rise 92 - 136 pips

Our pivot point is at 163.28.

Our preference

The upside prevails as long as 163.28 is support.

Alternative scenario

Below 163.28, expect 162.53 and 162.09.

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 above its 20 and 50 period moving average (respectively at 163.36 and 163.30).

Supports and resistances

166.15 **

165.71 *

165.26 **

164.82

163.90 last

163.57

163.28 **

162.53 *

162.09 **

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