USD/JPY may rise 50 - 75 pips

Our pivot point is at 160.38.

Our preference

Look for a drop towards 160.38 before a bounce.

Alternative scenario

Below 160.38, expect 159.96 and 159.70.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Moreover, the pair is trading under its 20 period moving average (160.81) but above its 50 period moving average (160.73).

Supports and resistances

162.01 **

161.76 *

161.51 **

161.26

160.76 last

160.54

160.38 **

159.96 *

159.70 **

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