EUR/JPY may fall 120 - 175 pips

162.48 is our pivot point.

Our preference

The downside prevails as long as 162.48 is resistance.

Alternative scenario

Above 162.48, look for 163.40 and 163.95.

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 161.96 and 162.33).

Supports and resistances

163.95 **

163.40 *

162.48 **

162.12

161.75 last

160.55

160.00 **

159.46 *

158.91 **

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