USD/JPY may fall 56 - 78 pips

158.31 is our pivot point.

Our preference

The downside prevails as long as 158.31 is resistance.

Alternative scenario

The upside breakout of 158.31, would call for 158.68 and 158.90.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 158.55 and 158.80).

Supports and resistances

158.90 **

158.68 *

158.31 **

158.16

157.98 last

157.42

157.20 **

156.98 *

156.76 **

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