EUR/JPY may fall 102 - 152 pips

Our pivot point is at 157.71.

Our preference

The downside prevails as long as 157.71 is resistance.

Alternative scenario

The upside breakout of 157.71, would call for 158.55 and 159.05.

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 stands below its 20 and 50 period moving average (respectively at 157.11 and 157.10).

Supports and resistances

159.05 **

158.55 *

157.71 **

157.38

156.79 last

155.77

155.27 **

154.77 *

154.27 **

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