EUR/JPY may rise 83 - 122 pips

Our pivot point is at 169.20.

Our preference

The upside prevails as long as 169.20 is support.

Alternative scenario

Below 169.20, expect 168.55 and 168.16.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 169.18 and 168.77).

Supports and resistances

171.73 **

171.35 *

170.96 **

170.57

169.74 last

169.45

169.20 **

168.55 *

168.16 **

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