USD/JPY may fall 69 - 103 pips

Our pivot point stands at 157.69.

Our preference

As long as 157.69 is resistance look for 156.12.

Alternative scenario

Above 157.69, look for 158.27 and 158.61.

Comment

The RSI is below 50. The MACD is above its signal line and positive. The break above the 50 area on the RSI should trigger further gains. Moreover, the price stands below its 20 and 50 period moving average (respectively at 157.20 and 157.17).

Supports and resistances

158.61 **

158.27 *

157.69 **

157.46

157.15 last

156.46

156.12 **

155.78 *

155.43 **

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