EUR/JPY may rise to 170.99 - 173.60

ST: the upside prevails as long as 161.96 is support

161.96 is our pivot point.

Our preference

The upside prevails as long as 161.96 is support.

Alternative scenario

The downside breakout of 161.96 would call for 157.59 and 154.99.

Comment

The RSI is above 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 163.43 and 161.50).

Supports and resistances

178.81 **

176.21 *

173.60 **

170.99

165.73 last

163.68

161.96 **

157.59 *

154.99 **

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

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