EUR/JPY may fall 92 - 125 pips

Our pivot point is at 169.39.

Our preference

Under pressure below 169.39.

Alternative scenario

The upside breakout of 169.39, would call for 169.94 and 170.28.

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 stands below its 20 and 50 period moving average (respectively at 169.12 and 169.12).

Supports and resistances

170.28 **

169.94 *

169.39 **

169.17

168.71 last

167.79

167.46 **

167.12 *

166.79 **

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