USD/JPY may rise 97 - 142 pips

Our pivot point stands at 149.26.

Our preference

The upside prevails as long as 149.26 is support.

Alternative scenario

The downside breakout of 149.26 would call for 148.50 and 148.04.

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 149.51 and 149.31).

Supports and resistances

152.23 **

151.78 *

151.32 **

150.87

149.90 last

149.56

149.26 **

148.50 *

148.04 **

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