EUR/JPY may fall 107 - 158 pips

Our pivot point stands at 158.40.

Our preference

The downside prevails as long as 158.40 is resistance.

Alternative scenario

The upside breakout of 158.40, would call for 159.26 and 159.77.

Comment

The RSI is below its neutrality area at 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 158.13 and 158.59).

Supports and resistances

159.77 **

159.26 *

158.40 **

158.06

157.72 last

156.65

156.14 **

155.63 *

155.12 **

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