EUR/JPY may fall 55 - 80 pips

Our pivot point stands at 172.56.

Our preference

The downside prevails as long as 172.56 is resistance.

Alternative scenario

Above 172.56, look for 172.97 and 173.21.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 172.52 and 172.73).

Supports and resistances

173.21 **

172.97 *

172.56 **

172.40

172.17 last

171.62

171.37 **

171.13 *

170.88 **

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