EUR/JPY may fall 76 - 113 pips

170.02 is our pivot point.

Our preference

The downside prevails as long as 170.02 is resistance.

Alternative scenario

The upside breakout of 170.02, would call for 170.64 and 171.01.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 169.82 and 169.74). Finally, the EUR/JPY has penetrated its lower Bollinger band (169.53).

Supports and resistances

171.01 **

170.64 *

170.02 **

169.78

169.52 last

168.76

168.39 **

168.02 *

167.65 **

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