EUR/JPY may fall 96 - 141 pips

Our pivot point stands at 164.87.

Our preference

As long as 164.87 is resistance look for 162.82.

Alternative scenario

The upside breakout of 164.87, would call for 165.62 and 166.07.

Comment

The RSI is below 50. The MACD is above its signal line and positive. The break above the 50 area on the RSI should trigger further gains. Moreover, the price is trading above its 20 period moving average (164.22) but under its 50 period moving average (164.27).

Supports and resistances

166.07 **

165.62 *

164.87 **

164.58

164.23 last

163.27

162.82 **

162.38 *

161.93 **

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