EUR/JPY may fall 50 - 74 pips

Our pivot point stands at 172.50.

Our preference

The downside prevails as long as 172.50 is resistance.

Alternative scenario

The upside breakout of 172.50, would call for 172.91 and 173.15.

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 172.25 and 172.20).

Supports and resistances

173.15 **

172.91 *

172.50 **

172.34

172.07 last

171.57

171.33 **

171.09 *

170.84 **

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