EUR/JPY may fall 75 - 112 pips

Our pivot point stands at 167.33.

Our preference

The downside prevails as long as 167.33 is resistance.

Alternative scenario

The upside breakout of 167.33, would call for 167.96 and 168.34.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 167 and 167.08). Finally, the EUR/JPY has penetrated its lower Bollinger band (166.61).

Supports and resistances

168.34 **

167.96 *

167.33 **

167.09

166.57 last

165.82

165.45 **

165.07 *

164.70 **

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