EUR/JPY may fall 85 - 123 pips

Our pivot point is at 167.45.

Our preference

The downside prevails as long as 167.45 is resistance.

Alternative scenario

The upside breakout of 167.45, would call for 168.08 and 168.46.

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 167.21 and 167.05).

Supports and resistances

168.46 **

168.08 *

167.45 **

167.21

166.94 last

166.09

165.71 **

165.34 *

164.96 **

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