EUR/JPY may fall 112 - 167 pips

Our pivot point stands at 163.21.

Our preference

Target 160.72.

Alternative scenario

The upside breakout of 163.21, would call for 164.14 and 164.69.

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 below its 20 period moving average (162.48) but above its 50 period moving average (162.25).

Supports and resistances

164.69 **

164.14 *

163.21 **

162.85

162.39 last

161.27

160.72 **

160.18 *

159.63 **

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