USD/JPY may rise 101 - 147 pips

Our pivot point stands at 144.41.

Our preference

Look for a drop towards 144.41 before a bounce.

Alternative scenario

The downside breakout of 144.41 would call for 143.65 and 143.19.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI should trigger further losses. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 144.92 and 144.81).

Supports and resistances

147.47 **

147.01 *

146.56 **

146.10

145.09 last

144.71

144.41 **

143.65 *

143.19 **

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