EUR/JPY may fall 75 - 112 pips

Our pivot point stands at 170.85.

Our preference

The downside prevails as long as 170.85 is resistance.

Alternative scenario

The upside breakout of 170.85, would call for 171.47 and 171.84.

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 stands below its 20 and 50 period moving average (respectively at 170.45 and 170.53).

Supports and resistances

171.84 **

171.47 *

170.85 **

170.60

170.31 last

169.56

169.19 **

168.82 *

168.45 **

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