EUR/JPY may fall 85 - 124 pips

Our pivot point stands at 170.15.

Our preference

Target 168.33.

Alternative scenario

The upside breakout of 170.15, would call for 170.80 and 171.18.

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 (169.67) but above its 50 period moving average (169.51).

Supports and resistances

171.18 **

170.80 *

170.15 **

169.89

169.57 last

168.72

168.33 **

167.95 *

167.56 **

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