USD/JPY may fall 78 - 114 pips

153.78 is our pivot point.

Our preference

The downside prevails as long as 153.78 is resistance.

Alternative scenario

Above 153.78, look for 154.38 and 154.74.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 154.04 and 154.19).

Supports and resistances

154.74 **

154.38 *

153.78 **

153.54

153.30 last

152.52

152.16 **

151.80 *

151.45 **

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