EUR/JPY may rise 96 - 141 pips

Our pivot point is at 163.94.

Our preference

As long as 163.94 is support look for 165.96.

Alternative scenario

The downside breakout of 163.94 would call for 163.19 and 162.75.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is below its 20 period moving average (164.71) but above its 50 period moving average (164.16).

Supports and resistances

166.85 **

166.40 *

165.96 **

165.51

164.55 last

164.24

163.94 **

163.19 *

162.75 **

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