EUR/JPY may rise 106 - 158 pips

Our pivot point stands at 162.04.

Our preference

Rebound towards 164.33.

Alternative scenario

The downside breakout of 162.04 would call for 161.16 and 160.63.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 162.77 and 163.26).

Supports and resistances

165.39 **

164.86 *

164.33 **

163.81

162.75 last

162.39

162.04 **

161.16 *

160.63 **

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