USD/JPY may fall 55 - 81 pips

161.17 is our pivot point.

Our preference

As long as 161.17 is resistance look for 159.92.

Alternative scenario

The upside breakout of 161.17, would call for 161.61 and 161.88.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and positive. The break above the 50 area on the RSI should trigger further gains. Moreover, the price is trading above its 20 period moving average (160.68) but under its 50 period moving average (160.79).

Supports and resistances

161.88 **

161.61 *

161.17 **

160.99

160.73 last

160.18

159.92 **

159.65 *

159.39 **

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