EUR/JPY may fall 81 - 121 pips

Our pivot point stands at 162.25.

Our preference

The downside prevails as long as 162.25 is resistance.

Alternative scenario

Above 162.25, look for 162.92 and 163.32.

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 161.98 and 162.13).

Supports and resistances

163.32 **

162.92 *

162.25 **

161.98

161.55 last

160.74

160.34 **

159.94 *

159.54 **

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