USD/JPY may rise 89 - 131 pips

Our pivot point is at 148.16.

Our preference

As long as 148.16 is support look for 150.02.

Alternative scenario

The downside breakout of 148.16 would call for 147.46 and 147.04.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 148.28 and 147.22).

Supports and resistances

150.86 **

150.44 *

150.02 **

149.60

148.71 last

148.43

148.16 **

147.46 *

147.04 **

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