EUR/JPY may fall 77 - 114 pips

167.35 is our pivot point.

Our preference

The downside prevails as long as 167.35 is resistance.

Alternative scenario

The upside breakout of 167.35, would call for 167.98 and 168.35.

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 166.90 and 167.05).

Supports and resistances

168.35 **

167.98 *

167.35 **

167.10

166.84 last

166.07

165.70 **

165.32 *

164.95 **

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