EUR/JPY may fall 78 - 116 pips

Our pivot point stands at 170.28.

Our preference

Technical rebound towards 170.28 before a new drop.

Alternative scenario

The upside breakout of 170.28, would call for 170.93 and 171.32.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price stands above its 20 period moving average (169.57) but below its 50 period moving average (169.69).

Supports and resistances

171.32 **

170.93 *

170.28 **

170.03

169.67 last

168.89

168.51 **

168.12 *

167.74 **

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