USD/JPY may rise 78 - 116 pips

Our pivot point stands at 157.13.

Our preference

The upside prevails as long as 157.13 is support.

Alternative scenario

Below 157.13, expect 156.50 and 156.12.

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 positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 157.36 and 157.26).

Supports and resistances

159.54 **

159.16 *

158.79 **

158.41

157.63 last

157.37

157.13 **

156.50 *

156.12 **

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