EUR/JPY may fall to 148.20 - 151.42

164.55 is our pivot point.

Our preference

The downside prevails as long as 164.55 is resistance.

Alternative scenario

Above 164.55, look for 170.04 and 173.32.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). 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 168.75 and 169.39).

Supports and resistances

173.32 **

170.04 *

164.55 **

162.39

158.37 last

151.42

148.20 **

144.97 *

141.75 **

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