USD/JPY may rise 58 - 87 pips

156.97 is our pivot point.

Our preference

The upside prevails as long as 156.97 is support.

Alternative scenario

Below 156.97, expect 156.49 and 156.21.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (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 156.88 and 156.46).

Supports and resistances

158.78 **

158.50 *

158.22 **

157.93

157.35 last

157.16

156.97 **

156.49 *

156.21 **

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