EUR/JPY may fall 111 - 158 pips

Our pivot point stands at 160.93.

Our preference

The downside prevails as long as 160.93 is resistance.

Alternative scenario

Above 160.93, look for 161.72 and 162.19.

Comment

The RSI is below its neutrality area at 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 160.49 and 160.64).

Supports and resistances

162.19 **

161.72 *

160.93 **

160.62

160.23 last

159.12

158.65 **

158.18 *

157.71 **

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