EUR/JPY may rise 59 - 87 pips

171.72 is our pivot point.

Our preference

As long as 171.72 is support look for 173.04.

Alternative scenario

The downside breakout of 171.72 would call for 171.24 and 170.95.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 172.12 and 171.91).

Supports and resistances

173.62 **

173.33 *

173.04 **

172.76

172.17 last

171.91

171.72 **

171.24 *

170.95 **

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