USD/JPY may rise 77 - 114 pips

156.31 is our pivot point.

Our preference

Rebound towards 157.95.

Alternative scenario

The downside breakout of 156.31 would call for 155.68 and 155.31.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading above its 20 period moving average (156.75) but under its 50 period moving average (157.08).

Supports and resistances

158.69 **

158.32 *

157.95 **

157.58

156.81 last

156.56

156.31 **

155.68 *

155.31 **

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