USD/JPY may rise 31 - 51 pips

Pivot

156.80

Our preference

Long positions above 156.80 with targets at 157.40 & 157.60 in extension.

Alternative scenario

Below 156.80 look for further downside with 156.55 & 156.35 as targets.

Comment

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances

157.75

157.60

157.40

157.09 Last

156.80

156.55

156.35

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