EUR/JPY may rise to 174.76 - 177.29

Our pivot point is at 165.64.

Our preference

As long as 165.64 is support look for 177.29.

Alternative scenario

The downside breakout of 165.64 would call for 161.41 and 158.89.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 169.47 and 166.99).

Supports and resistances

182.34 **

179.81 *

177.29 **

174.76

169.48 last

167.30

165.64 **

161.41 *

158.89 **

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