USD/JPY may rise 114 - 166 pips

Our pivot point is at 139.97.

Our preference

The upside prevails as long as 139.97 is support.

Alternative scenario

The downside breakout of 139.97 would call for 139.10 and 138.58.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 140.30 and 140.43).

Supports and resistances

143.36 **

142.84 *

142.32 **

141.80

140.66 last

140.31

139.97 **

139.10 *

138.58 **

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