EUR/JPY may rise to 176.11 - 178.81

Our pivot point stands at 165.56.

Our preference

As long as 165.56 is support look for 178.81.

Alternative scenario

The downside breakout of 165.56 would call for 161.08 and 158.41.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (169.32) but above its 50 period moving average (166.68).

Supports and resistances

184.19 **

181.50 *

178.81 **

176.11

169.11 last

167.32

165.56 **

161.08 *

158.41 **

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