EUR/JPY may fall 57 - 85 pips

171.41 is our pivot point.

Our preference

The downside prevails as long as 171.41 is resistance.

Alternative scenario

The upside breakout of 171.41, would call for 171.88 and 172.17.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 171.09 and 171.03).

Supports and resistances

172.17 **

171.88 *

171.41 **

171.22

171.02 last

170.45

170.17 **

169.88 *

169.60 **

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