USD/JPY may rise 99 - 144 pips

Our pivot point stands at 148.45.

Our preference

The upside prevails as long as 148.45 is support.

Alternative scenario

Below 148.45, expect 147.69 and 147.24.

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 148.66 and 148.40).

Supports and resistances

151.42 **

150.97 *

150.51 **

150.06

149.07 last

148.75

148.45 **

147.69 *

147.24 **

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