EUR/JPY may fall 110 - 164 pips

Our pivot point stands at 161.87.

Our preference

Target 159.50.

Alternative scenario

Above 161.87, look for 162.79 and 163.33.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (161.28) but above its 50 period moving average (161.05).

Supports and resistances

163.33 **

162.79 *

161.87 **

161.51

161.14 last

160.04

159.50 **

158.96 *

158.41 **

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