CHF/JPY may rise 56 - 84 pips

Our pivot point is at 175.83.

Our preference

The upside prevails as long as 175.83 is support.

Alternative scenario

The downside breakout of 175.83 would call for 175.37 and 175.09.

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 above its 20 and 50 period moving average (respectively at 176.26 and 175.82).

Supports and resistances

177.99 **

177.71 *

177.44 **

177.16

176.60 last

176.01

175.83 **

175.37 *

175.09 **

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