USD/JPY may fall 51 - 76 pips

Our pivot point stands at 161.05.

Our preference

The downside prevails as long as 161.05 is resistance.

Alternative scenario

The upside breakout of 161.05, would call for 161.47 and 161.72.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 160.84 and 160.91).

Supports and resistances

161.72 **

161.47 *

161.05 **

160.88

160.72 last

160.21

159.96 **

159.71 *

159.46 **

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