EUR/JPY may fall 84 - 122 pips

Our pivot point stands at 170.25.

Our preference

Target 168.46.

Alternative scenario

The upside breakout of 170.25, would call for 170.90 and 171.29.

Comment

The RSI is below its neutrality area at 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 trading above both its 20 and 50 period moving average (respectively at 169.67 and 169.67).

Supports and resistances

171.29 **

170.90 *

170.25 **

170.00

169.68 last

168.84

168.46 **

168.07 *

167.68 **

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