EUR/JPY may rise 82 - 120 pips

Our pivot point stands at 169.05.

Our preference

As long as 169.05 is support look for 170.79.

Alternative scenario

The downside breakout of 169.05 would call for 168.40 and 168.01.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is below its 20 period moving average (169.73) but above its 50 period moving average (169.19).

Supports and resistances

171.57 **

171.18 *

170.79 **

170.41

169.59 last

169.30

169.05 **

168.40 *

168.01 **

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