Current price: 157.85
Key point: 157.00
Our preferred strategy: Buy positions above 157.00 with a first target of 158.60 and then a second target of 159.60.
Alternative scenario: Stop loss and trend reversal upon breaking the 156.45 level, targeting the 155.20 level.
Technical commentary
The USD/JPY pair rebounded from the key support level of 155.20 after last week's sharp decline, breaking through the resistance level of 157.00 and holding above it. A break above 158.00 would likely lead to a move towards 158.60, then 159.60, and finally 160.50.
