USD/JPY may rise 76 - 112 pips

Our pivot point stands at 159.20.

Our preference

The upside prevails as long as 159.20 is support.

Alternative scenario

The downside breakout of 159.20 would call for 158.58 and 158.21.

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 159.59 and 159.66).

Supports and resistances

161.56 **

161.19 *

160.82 **

160.46

159.70 last

159.44

159.20 **

158.58 *

158.21 **

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