EUR/JPY may fall 77 - 114 pips

Our pivot point stands at 170.53.

Our preference

The downside prevails as long as 170.53 is resistance.

Alternative scenario

Above 170.53, look for 171.15 and 171.52.

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 170.25 and 170.40).

Supports and resistances

171.52 **

171.15 *

170.53 **

170.29

169.99 last

169.22

168.85 **

168.48 *

168.11 **

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