USD/JPY may fall 60 - 110 pips

Pivot

147.20

Our preference

Short positions below 147.20 with targets at 145.90 & 145.40 in extension.

Alternative scenario

Above 147.20 look for further upside with 147.90 & 148.50 as targets.

Comment

As long as 147.20 is resistance, look for choppy price action with a bearish bias.

Supports and resistances

148.50

147.90

147.20

146.50 Last

145.90

145.40

145.00

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