EUR/JPY may fall 80 - 118 pips

Our pivot point is at 169.06.

Our preference

The downside prevails as long as 169.06 is resistance.

Alternative scenario

The upside breakout of 169.06, would call for 169.69 and 170.07.

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 168.84 and 169.41).

Supports and resistances

170.07 **

169.69 *

169.06 **

168.81

168.56 last

167.76

167.38 **

167.00 *

166.63 **

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