EUR/JPY may fall 56 - 84 pips

Our pivot point stands at 174.51.

Our preference

The downside prevails as long as 174.51 is resistance.

Alternative scenario

Above 174.51, look for 174.98 and 175.26.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 174.16 and 174.24). Finally, the EUR/JPY is trading below its lower Bollinger band (standing at 174.01).

Supports and resistances

175.26 **

174.98 *

174.51 **

174.33

173.95 last

173.39

173.11 **

172.83 *

172.55 **

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