USD/JPY may rise 51 - 76 pips

161.22 is our pivot point.

Our preference

Our next up target stands at 162.34.

Alternative scenario

The downside breakout of 161.22 would call for 160.79 and 160.54.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 161.56 and 161.56).

Supports and resistances

162.85 **

162.59 *

162.34 **

162.09

161.58 last

161.38

161.22 **

160.79 *

160.54 **

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