USD/JPY may rise 77 - 111 pips

Our pivot point is at 146.01.

Our preference

Rebound towards 147.63.

Alternative scenario

The downside breakout of 146.01 would call for 145.44 and 145.10.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 147.16 and 148.40).

Supports and resistances

148.32 **

147.98 *

147.63 **

147.29

146.52 last

146.24

146.01 **

145.44 *

145.10 **

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