USD/JPY may fall 108 - 160 pips

Our pivot point is at 147.30.

Our preference

Technical rebound towards 147.30 before a new drop.

Alternative scenario

The upside breakout of 147.30, would call for 148.17 and 148.70.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above its 20 period moving average (146.42) but under its 50 period moving average (146.73).

Supports and resistances

148.70 **

148.17 *

147.30 **

146.95

146.58 last

145.50

144.98 **

144.45 *

143.93 **

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