CHF/JPY may rise 80 - 119 pips

Our pivot point is at 175.34.

Our preference

The upside prevails as long as 175.34 is support.

Alternative scenario

The downside breakout of 175.34 would call for 174.69 and 174.31.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 175.26 and 174.77).

Supports and resistances

177.92 **

177.53 *

177.15 **

176.76

175.96 last

175.59

175.34 **

174.69 *

174.31 **

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