USD/JPY may rise 108 - 159 pips

Our pivot point is at 141.24.

Our preference

The upside prevails as long as 141.24 is support.

Alternative scenario

Below 141.24, expect 140.39 and 139.88.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 141.19 and 140.86).

Supports and resistances

144.55 **

144.04 *

143.53 **

143.02

141.94 last

141.58

141.24 **

140.39 *

139.88 **

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