EUR/JPY may fall 93 - 137 pips

Our pivot point stands at 162.65.

Our preference

The downside prevails as long as 162.65 is resistance.

Alternative scenario

The upside breakout of 162.65, would call for 163.39 and 163.83.

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 162.35 and 162.47).

Supports and resistances

163.83 **

163.39 *

162.65 **

162.35

162.04 last

161.11

160.67 **

160.22 *

159.78 **

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