EUR/JPY may fall 65 - 93 pips

Our pivot point is at 171.95.

Our preference

Target 170.57.

Alternative scenario

Above 171.95, look for 172.43 and 172.71.

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 (171.62) but above its 50 period moving average (171.38).

Supports and resistances

172.71 **

172.43 *

171.95 **

171.76

171.50 last

170.85

170.57 **

170.28 *

170.00 **

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