USD/JPY may fall 74 - 108 pips

Our pivot point is at 157.47.

Our preference

The downside prevails as long as 157.47 is resistance.

Alternative scenario

The upside breakout of 157.47, would call for 158.05 and 158.39.

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 157.15 and 157.16).

Supports and resistances

158.39 **

158.05 *

157.47 **

157.25

157.01 last

156.27

155.93 **

155.58 *

155.24 **

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