EUR/JPY may fall 97 - 141 pips

163.16 is our pivot point.

Our preference

The downside prevails as long as 163.16 is resistance.

Alternative scenario

The upside breakout of 163.16, would call for 163.91 and 164.36.

Comment

The RSI is below 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 162.86 and 163.17).

Supports and resistances

164.36 **

163.91 *

163.16 **

162.87

162.55 last

161.58

161.14 **

160.69 *

160.25 **

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