EUR/JPY may fall 68 - 101 pips

Our pivot point is at 171.46.

Our preference

Technical rebound towards 171.46 before a new drop.

Alternative scenario

Above 171.46, look for 172.02 and 172.35.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price stands above its 20 period moving average (170.88) but below its 50 period moving average (171.04).

Supports and resistances

172.35 **

172.02 *

171.46 **

171.24

171.01 last

170.33

170.00 **

169.67 *

169.34 **

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