EUR/JPY may fall 104 - 153 pips

156.79 is our pivot point.

Our preference

The downside prevails as long as 156.79 is resistance.

Alternative scenario

The upside breakout of 156.79, would call for 157.62 and 158.12.

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 156.32 and 156.78). Finally, the EUR/JPY is trading below its lower Bollinger band (standing at 155.89).

Supports and resistances

158.12 **

157.62 *

156.79 **

156.46

155.88 last

154.84

154.35 **

153.85 *

153.36 **

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