EUR/JPY may fall 70 - 103 pips

Our pivot point is at 169.51.

Our preference

Target 168.03.

Alternative scenario

The upside breakout of 169.51, would call for 170.07 and 170.40.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (169.24) but above its 50 period moving average (168.98).

Supports and resistances

170.40 **

170.07 *

169.51 **

169.29

169.06 last

168.36

168.03 **

167.70 *

167.36 **

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