EUR/JPY may fall 68 - 101 pips

Our pivot point stands at 171.87.

Our preference

As long as 171.87 is resistance look for 170.33.

Alternative scenario

The upside breakout of 171.87, would call for 172.42 and 172.76.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and above its signal line. The break above the 50 area on the RSI should trigger further gains. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 171.35 and 171.38).

Supports and resistances

172.76 **

172.42 *

171.87 **

171.65

171.34 last

170.66

170.33 **

169.99 *

169.66 **

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