EUR/JPY may fall 84 - 124 pips

162.81 is our pivot point.

Our preference

As long as 162.81 is resistance look for 160.74.

Alternative scenario

Above 162.81, look for 163.48 and 163.88.

Comment

The RSI is below 50. The MACD is above its signal line and positive. The break above the 50 area on the RSI should trigger further gains. Moreover, the price stands below its 20 and 50 period moving average (respectively at 162.09 and 162.23).

Supports and resistances

163.88 **

163.48 *

162.81 **

162.54

161.98 last

161.14

160.74 **

160.34 *

159.94 **

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