USD/JPY may rise 74 - 108 pips

156.30 is our pivot point.

Our preference

Rebound.

Alternative scenario

Below 156.30, expect 155.72 and 155.38.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above its 20 period moving average (156.36) but under its 50 period moving average (156.85).

Supports and resistances

158.59 **

158.25 *

157.90 **

157.56

156.82 last

156.52

156.30 **

155.72 *

155.38 **

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