USD/JPY may fall 111 - 163 pips

Our pivot point is at 147.47.

Our preference

The downside prevails as long as 147.47 is resistance.

Alternative scenario

The upside breakout of 147.47, would call for 148.35 and 148.87.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 147.32 and 147.34).

Supports and resistances

148.87 **

148.35 *

147.47 **

147.12

146.77 last

145.66

145.14 **

144.61 *

144.09 **

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