USD/JPY may fall 113 - 168 pips

Our pivot point stands at 146.16.

Our preference

The downside prevails as long as 146.16 is resistance.

Alternative scenario

Above 146.16, look for 147.09 and 147.64.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). 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 145.89 and 146.39).

Supports and resistances

147.64 **

147.09 *

146.16 **

145.80

145.39 last

144.26

143.71 **

143.16 *

142.61 **

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