CHF/JPY may rise to 182.35 - 184.09

Our pivot point is at 176.13.

Our preference

The upside prevails as long as 176.13 is support.

Alternative scenario

Below 176.13, expect 173.22 and 171.49.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 175.14 and 171.93).

Supports and resistances

187.56 **

185.83 *

184.09 **

182.35

178.46 last

177.27

176.13 **

173.22 *

171.49 **

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