EUR/JPY may fall 58 - 86 pips

174.52 is our pivot point.

Our preference

The downside prevails as long as 174.52 is resistance.

Alternative scenario

The upside breakout of 174.52, would call for 174.99 and 175.27.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 174.28 and 174.15).

Supports and resistances

175.27 **

174.99 *

174.52 **

174.34

174.12 last

173.54

173.26 **

172.98 *

172.70 **

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