EUR/JPY may fall 110 - 163 pips

162.88 is our pivot point.

Our preference

Under pressure below 162.88.

Alternative scenario

The upside breakout of 162.88, would call for 163.76 and 164.28.

Comment

The RSI is below 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 162.20 and 162.14).

Supports and resistances

164.28 **

163.76 *

162.88 **

162.53

162.11 last

161.01

160.48 **

159.96 *

159.43 **

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