EUR/JPY may fall 80 - 117 pips

171.09 is our pivot point.

Our preference

As long as 171.09 is resistance look for 169.38.

Alternative scenario

Above 171.09, look for 171.71 and 172.08.

Comment

The RSI is above 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI should trigger further losses. Moreover, the price stands below its 20 and 50 period moving average (respectively at 170.55 and 170.59).

Supports and resistances

172.08 **

171.71 *

171.09 **

170.84

170.55 last

169.75

169.38 **

169.01 *

168.64 **

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