USD/JPY may rise 76 - 113 pips

Our pivot point is at 157.51.

Our preference

The upside prevails as long as 157.51 is support.

Alternative scenario

Below 157.51, expect 156.90 and 156.53.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 157.91 and 157.85). Finally, the USD/JPY has crossed above its upper Bollinger band (158.00).

Supports and resistances

159.86 **

159.50 *

159.14 **

158.77

158.01 last

157.75

157.51 **

156.90 *

156.53 **

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