EUR/JPY may fall 110 - 164 pips

Our pivot point stands at 162.84.

Our preference

The downside prevails as long as 162.84 is resistance.

Alternative scenario

The upside breakout of 162.84, would call for 163.76 and 164.31.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 162.26 and 162.31).

Supports and resistances

164.31 **

163.76 *

162.84 **

162.48

162.01 last

160.91

160.37 **

159.82 *

159.27 **

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