USD/JPY may rise 77 - 115 pips

Our pivot point stands at 156.13.

Our preference

As long as 156.13 is support look for 157.83.

Alternative scenario

The downside breakout of 156.13 would call for 155.50 and 155.12.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 156.40 and 155.91).

Supports and resistances

158.58 **

158.21 *

157.83 **

157.45

156.68 last

156.38

156.13 **

155.50 *

155.12 **

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