EUR/JPY may fall 77 - 115 pips

Our pivot point is at 167.18.

Our preference

The downside prevails as long as 167.18 is resistance.

Alternative scenario

Above 167.18, look for 167.81 and 168.18.

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 166.63 and 166.67). Finally, the EUR/JPY is trading below its lower Bollinger band (standing at 166.48).

Supports and resistances

168.18 **

167.81 *

167.18 **

166.93

166.44 last

165.67

165.29 **

164.92 *

164.55 **

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