USD/JPY may rise 62 - 112 pips

Pivot

146.70

Our preference

Long positions above 146.70 with targets at 147.90 & 148.40 in extension.

Alternative scenario

Below 146.70 look for further downside with 146.10 & 145.60 as targets.

Comment

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

Supports and resistances

149.00

148.40

147.90

147.28 Last

146.70

146.10

145.60

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