USD/JPY may rise 56 - 82 pips

160.46 is our pivot point.

Our preference

The upside prevails as long as 160.46 is support.

Alternative scenario

Below 160.46, expect 160.01 and 159.75.

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 160.69 and 160.80).

Supports and resistances

162.17 **

161.91 *

161.64 **

161.38

160.82 last

160.63

160.46 **

160.01 *

159.75 **

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