EUR/JPY may fall 93 - 138 pips

Our pivot point stands at 163.08.

Our preference

Technical rebound towards 163.08 before a new drop.

Alternative scenario

The upside breakout of 163.08, would call for 163.82 and 164.27.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price stands above its 20 period moving average (162.37) but below its 50 period moving average (162.52).

Supports and resistances

164.27 **

163.82 *

163.08 **

162.78

162.47 last

161.54

161.09 **

160.64 *

160.20 **

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