EUR/JPY may fall to 157.63 - 160.48

Our pivot point is at 171.75.

Our preference

The downside prevails as long as 171.75 is resistance.

Alternative scenario

Above 171.75, look for 176.58 and 179.46.

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 171.30 and 169.92).

Supports and resistances

179.46 **

176.58 *

171.75 **

169.85

167.70 last

160.48

157.63 **

154.79 *

151.94 **

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