USD/JPY may rise 119 - 171 pips

Our pivot point is at 142.34.

Our preference

The upside prevails as long as 142.34 is support.

Alternative scenario

The downside breakout of 142.34 would call for 141.48 and 140.97.

Comment

The RSI is above 50. 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 142.89 and 142.59).

Supports and resistances

145.91 **

145.39 *

144.88 **

144.36

143.17 last

142.68

142.34 **

141.48 *

140.97 **

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