EUR/JPY may rise 78 - 115 pips

Our pivot point stands at 169.78.

Our preference

Rebound.

Alternative scenario

Below 169.78, expect 169.15 and 168.78.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (170.02) but below its 50 period moving average (170.36).

Supports and resistances

172.17 **

171.80 *

171.43 **

171.06

170.28 last

170.02

169.78 **

169.15 *

168.78 **

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