USD/JPY may fall 111 - 164 pips

Our pivot point is at 148.47.

Our preference

The downside prevails as long as 148.47 is resistance.

Alternative scenario

The upside breakout of 148.47, would call for 149.35 and 149.88.

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 148.11 and 148.67).

Supports and resistances

149.88 **

149.35 *

148.47 **

148.12

147.77 last

146.66

146.13 **

145.61 *

145.08 **

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