USD/JPY may rise 128 - 179 pips

Our pivot point stands at 140.46.

Our preference

Look for a drop towards 140.46 before a bounce.

Alternative scenario

The downside breakout of 140.46 would call for 139.61 and 139.10.

Comment

The RSI is above 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI would call for further downside. Moreover, the price is above its 20 and 50 period moving average (respectively at 141.75 and 141.78).

Supports and resistances

144.87 **

144.36 *

143.85 **

143.34

142.06 last

140.79

140.46 **

139.61 *

139.10 **

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