USD/JPY may fall 77 - 114 pips

Our pivot point stands at 158.28.

Our preference

The downside prevails as long as 158.28 is resistance.

Alternative scenario

Above 158.28, look for 158.89 and 159.25.

Comment

The RSI is below 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 157.90 and 157.83).

Supports and resistances

159.25 **

158.89 *

158.28 **

158.04

157.79 last

157.02

156.65 **

156.29 *

155.93 **

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