USD/JPY may rise 77 - 114 pips

Our pivot point stands at 156.70.

Our preference

The upside prevails as long as 156.70 is support.

Alternative scenario

Below 156.70, expect 156.07 and 155.70.

Comment

The RSI is above 50. 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 157.13 and 156.95).

Supports and resistances

159.09 **

158.71 *

158.34 **

157.97

157.20 last

156.94

156.70 **

156.07 *

155.70 **

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