USD/JPY may rise 74 - 110 pips

Our pivot point stands at 158.40.

Our preference

The upside prevails as long as 158.40 is support.

Alternative scenario

The downside breakout of 158.40 would call for 157.78 and 157.42.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 158.67 and 158.34).

Supports and resistances

160.74 **

160.37 *

160.00 **

159.64

158.90 last

158.64

158.40 **

157.78 *

157.42 **

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