EUR/JPY may rise 93 - 138 pips

Our pivot point stands at 164.06.

Our preference

As long as 164.06 is support look for 166.04.

Alternative scenario

Below 164.06, expect 163.31 and 162.86.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is below its 20 period moving average (164.68) but above its 50 period moving average (164.38).

Supports and resistances

166.94 **

166.49 *

166.04 **

165.59

164.66 last

164.36

164.06 **

163.31 *

162.86 **

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