USD/JPY may rise 48 - 70 pips

Our pivot point is at 158.53.

Our preference

Rebound towards 159.56.

Alternative scenario

Below 158.53, expect 158.16 and 157.93.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 159.12 and 160.62).

Supports and resistances

160.00 **

159.78 *

159.56 **

159.34

158.86 last

158.67

158.53 **

158.16 *

157.93 **

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