USD/JPY may fall 104 - 150 pips

Our pivot point is at 147.34.

Our preference

The downside prevails as long as 147.34 is resistance.

Alternative scenario

Above 147.34, look for 148.11 and 148.57.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 146.95 and 147.13).

Supports and resistances

148.57 **

148.11 *

147.34 **

147.04

146.66 last

145.62

145.16 **

144.70 *

144.24 **

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