EUR/JPY may rise 99 - 143 pips

Our pivot point stands at 163.40.

Our preference

Rebound towards 165.43.

Alternative scenario

The downside breakout of 163.40 would call for 162.65 and 162.21.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 164.13 and 164.39).

Supports and resistances

166.32 **

165.88 *

165.43 **

164.99

164.00 last

163.70

163.40 **

162.65 *

162.21 **

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