EUR/JPY may fall 84 - 123 pips

Our pivot point stands at 158.04.

Our preference

Technical rebound towards 158.04 before a new drop.

Alternative scenario

Above 158.04, look for 158.69 and 159.08.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price stands above its 20 period moving average (157) but below its 50 period moving average (157.56).

Supports and resistances

159.08 **

158.69 *

158.04 **

157.78

157.51 last

156.67

156.28 **

155.89 *

155.50 **

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