EUR/JPY may fall 116 - 168 pips

Our pivot point stands at 162.14.

Our preference

Under pressure below 162.14.

Alternative scenario

Above 162.14, look for 163.02 and 163.54.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 161.38 and 161.32). Finally, the EUR/JPY is trading below its lower Bollinger band (standing at 161.00).

Supports and resistances

163.54 **

163.02 *

162.14 **

161.79

161.00 last

159.84

159.32 **

158.80 *

158.28 **

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