USD/JPY may fall 82 - 119 pips

Our pivot point stands at 156.76.

Our preference

The downside prevails as long as 156.76 is resistance.

Alternative scenario

Above 156.76, look for 157.39 and 157.76.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 156.54 and 156.96).

Supports and resistances

157.76 **

157.39 *

156.76 **

156.52

156.25 last

155.43

155.06 **

154.69 *

154.32 **

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