USD/JPY may rise 76 - 121 pips

Pivot

142.50

Our preference

Long positions above 142.50 with targets at 143.95 & 144.40 in extension.

Alternative scenario

Below 142.50 look for further downside with 141.80 & 141.20 as targets.

Comment

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

Supports and resistances

145.00

144.40

143.95

143.19 Last

142.50

141.80

141.20

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