EUR/JPY may fall 120 - 167 pips

158.70 is our pivot point.

Our preference

The downside prevails as long as 158.70 is resistance.

Alternative scenario

The upside breakout of 158.70, would call for 159.49 and 159.95.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 158.94 and 158.01). Finally, the EUR/JPY has penetrated its lower Bollinger band (157.79).

Supports and resistances

159.95 **

159.49 *

158.70 **

158.40

157.79 last

156.59

156.12 **

155.66 *

155.19 **

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