USD/JPY may fall 58 - 86 pips

157.46 is our pivot point.

Our preference

Technical rebound towards 157.46 before a new drop.

Alternative scenario

Above 157.46, look for 157.94 and 158.22.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price stands above its 20 period moving average (156.99) but below its 50 period moving average (157.09).

Supports and resistances

158.22 **

157.94 *

157.46 **

157.28

157.08 last

156.50

156.22 **

155.93 *

155.65 **

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