EUR/JPY may rise to 175.34 - 177.31

Our pivot point stands at 168.28.

Our preference

The upside prevails as long as 168.28 is support.

Alternative scenario

The downside breakout of 168.28 would call for 164.97 and 163.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 169.80 and 167.54).

Supports and resistances

181.26 **

179.29 *

177.31 **

175.34

171.19 last

169.58

168.28 **

164.97 *

163.00 **

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