USD/JPY may rise 60 - 88 pips

Our pivot point stands at 156.77.

Our preference

The upside prevails as long as 156.77 is support.

Alternative scenario

The downside breakout of 156.77 would call for 156.30 and 156.01.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 156.66 and 156.35).

Supports and resistances

158.64 **

158.35 *

158.07 **

157.79

157.19 last

156.96

156.77 **

156.30 *

156.01 **

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