EUR/JPY may fall 71 - 104 pips

Our pivot point stands at 169.28.

Our preference

Technical rebound towards 169.28 before a new drop.

Alternative scenario

The upside breakout of 169.28, would call for 169.84 and 170.18.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above its 20 period moving average (168.76) but under its 50 period moving average (168.85).

Supports and resistances

170.18 **

169.84 *

169.28 **

169.06

168.82 last

168.11

167.78 **

167.45 *

167.12 **

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