USD/JPY may rise 32 - 62 pips

Pivot

147.10

Our preference

Long positions above 147.10 with targets at 147.60 & 147.90 in extension.

Alternative scenario

Below 147.10 look for further downside with 146.80 & 146.55 as targets.

Comment

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

Supports and resistances

148.20

147.90

147.60

147.28 Last

147.10

146.80

146.55

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