EUR/JPY may fall 113 - 151 pips

Our pivot point is at 156.44.

Our preference

The downside prevails as long as 156.44 is resistance.

Alternative scenario

The upside breakout of 156.44, would call for 157.09 and 157.48.

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 156.90 and 158.92).

Supports and resistances

157.48 **

157.09 *

156.44 **

156.19

155.52 last

154.39

154.01 **

153.62 *

153.24 **

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