EUR/JPY may fall 109 - 161 pips

Our pivot point stands at 161.98.

Our preference

Technical rebound towards 161.98 before a new drop.

Alternative scenario

Above 161.98, look for 162.86 and 163.38.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above its 20 period moving average (161.07) but under its 50 period moving average (161.29).

Supports and resistances

163.38 **

162.86 *

161.98 **

161.64

161.28 last

160.19

159.67 **

159.14 *

158.62 **

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