USD/JPY may rise 57 - 84 pips

160.44 is our pivot point.

Our preference

The upside prevails as long as 160.44 is support.

Alternative scenario

The downside breakout of 160.44 would call for 159.99 and 159.73.

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 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 160.54 and 160.08).

Supports and resistances

162.17 **

161.90 *

161.64 **

161.37

160.80 last

160.61

160.44 **

159.99 *

159.73 **

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