EUR/JPY may fall 109 - 161 pips

Our pivot point is at 161.72.

Our preference

The downside prevails as long as 161.72 is resistance.

Alternative scenario

The upside breakout of 161.72, would call for 162.60 and 163.12.

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 161.17 and 161.13).

Supports and resistances

163.12 **

162.60 *

161.72 **

161.38

161.02 last

159.93

159.41 **

158.88 *

158.36 **

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