USD/JPY may rise 30 - 50 pips

Pivot

161.20

Our preference

Long positions above 161.20 with targets at 161.90 & 162.10 in extension.

Alternative scenario

Below 161.20 look for further downside with 160.90 & 160.65 as targets.

Comment

The RSI calls for a new upleg.

Supports and resistances

162.30

162.10

161.90

161.60 Last

161.20

160.90

160.65

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