USD/JPY may fall 119 - 173 pips

Our pivot point is at 145.17.

Our preference

Target 142.71.

Alternative scenario

Above 145.17, look for 146.09 and 146.63.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (144.50) but above its 50 period moving average (144.28).

Supports and resistances

146.63 **

146.09 *

145.17 **

144.81

144.44 last

143.25

142.71 **

142.16 *

141.62 **

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