EUR/JPY may rise 90 - 134 pips

Our pivot point stands at 164.28.

Our preference

As long as 164.28 is support look for 166.22.

Alternative scenario

Below 164.28, expect 163.53 and 163.08.

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 positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 164.65 and 163.91).

Supports and resistances

167.12 **

166.67 *

166.22 **

165.78

164.88 last

164.57

164.28 **

163.53 *

163.08 **

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