EUR/JPY may fall 113 - 166 pips

161.93 is our pivot point.

Our preference

Technical rebound towards 161.93 before a new drop.

Alternative scenario

Above 161.93, look for 162.81 and 163.33.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price stands above its 20 period moving average (161.06) but below its 50 period moving average (161.30).

Supports and resistances

163.33 **

162.81 *

161.93 **

161.59

161.23 last

160.10

159.57 **

159.05 *

158.53 **

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