USD/JPY may fall 47 - 69 pips

Our pivot point is at 158.22.

Our preference

The downside prevails as long as 158.22 is resistance.

Alternative scenario

Above 158.22, look for 158.59 and 158.81.

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 158.30 and 158.74).

Supports and resistances

158.81 **

158.59 *

158.22 **

158.07

157.84 last

157.37

157.15 **

156.93 *

156.71 **

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