USD/JPY may rise 101 - 151 pips

Pivot

157.40

Our preference

Long positions above 157.40 with targets at 158.90 & 159.40 in extension.

Alternative scenario

Below 157.40 look for further downside with 156.85 & 156.20 as targets.

Comment

A support base at 157.40 has formed and has allowed for a temporary stabilisation.

Supports and resistances

159.90

159.40

158.90

157.89 Last

157.40

156.85

156.20

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