EUR/JPY may fall 109 - 162 pips

Our pivot point stands at 164.09.

Our preference

The downside prevails as long as 164.09 is resistance.

Alternative scenario

The upside breakout of 164.09, would call for 164.98 and 165.51.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 163.51 and 163.39). Finally, the EUR/JPY is trading below its lower Bollinger band (standing at 163.25).

Supports and resistances

165.51 **

164.98 *

164.09 **

163.74

163.23 last

162.14

161.61 **

161.08 *

160.55 **

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