USD/JPY may rise 59 - 87 pips

156.67 is our pivot point.

Our preference

Rebound.

Alternative scenario

The downside breakout of 156.67 would call for 156.19 and 155.91.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (156.87) but below its 50 period moving average (157.14).

Supports and resistances

158.48 **

158.20 *

157.92 **

157.64

157.05 last

156.85

156.67 **

156.19 *

155.91 **

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