USD/JPY may rise 75 - 112 pips

Our pivot point is at 158.36.

Our preference

The upside prevails as long as 158.36 is support.

Alternative scenario

Below 158.36, expect 157.75 and 157.38.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). 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 158.56 and 158.25).

Supports and resistances

160.73 **

160.37 *

160.00 **

159.63

158.88 last

158.60

158.36 **

157.75 *

157.38 **

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