EUR/JPY may rise 82 - 118 pips

170.20 is our pivot point.

Our preference

As long as 170.20 is support look for 171.87.

Alternative scenario

The downside breakout of 170.20 would call for 169.58 and 169.21.

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 (170.74) but above its 50 period moving average (170.37).

Supports and resistances

172.61 **

172.24 *

171.87 **

171.51

170.69 last

170.44

170.20 **

169.58 *

169.21 **

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