USD/JPY may rise 56 - 85 pips

Our pivot point stands at 157.13.

Our preference

The upside prevails as long as 157.13 is support.

Alternative scenario

The downside breakout of 157.13 would call for 156.66 and 156.37.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 157.46 and 157.41).

Supports and resistances

158.92 **

158.64 *

158.36 **

158.07

157.51 last

157.32

157.13 **

156.66 *

156.37 **

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