USD/JPY may rise 70 - 105 pips

Our pivot point stands at 157.24.

Our preference

As long as 157.24 is support look for 158.78.

Alternative scenario

Below 157.24, expect 156.66 and 156.31.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (157.77) but above its 50 period moving average (157.57).

Supports and resistances

159.47 **

159.12 *

158.78 **

158.43

157.73 last

157.46

157.24 **

156.66 *

156.31 **

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