CHF/JPY may rise 41 - 60 pips

177.70 is our pivot point.

Our preference

The upside prevails as long as 177.70 is support.

Alternative scenario

Below 177.70, expect 177.38 and 177.19.

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 trading above both its 20 and 50 period moving average (respectively at 177.50 and 177.23).

Supports and resistances

178.97 **

178.78 *

178.59 **

178.40

177.99 last

177.82

177.70 **

177.38 *

177.19 **

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