EUR/JPY may fall 91 - 136 pips

Our pivot point stands at 163.57.

Our preference

Target 161.57.

Alternative scenario

Above 163.57, look for 164.33 and 164.78.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (163.08) but above its 50 period moving average (162.93). Finally, the EUR/JPY is trading below its lower Bollinger band (standing at 162.94).

Supports and resistances

164.78 **

164.33 *

163.57 **

163.27

162.93 last

162.02

161.57 **

161.12 *

160.67 **

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