EUR/JPY may rise 91 - 136 pips

Our pivot point is at 163.81.

Our preference

The upside prevails as long as 163.81 is support.

Alternative scenario

The downside breakout of 163.81 would call for 163.06 and 162.62.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 164.17 and 164.32).

Supports and resistances

166.68 **

166.23 *

165.79 **

165.34

164.43 last

164.11

163.81 **

163.06 *

162.62 **

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