USD/JPY may rise 96 - 142 pips

Our pivot point is at 149.12.

Our preference

As long as 149.12 is support look for 151.15.

Alternative scenario

The downside breakout of 149.12 would call for 148.36 and 147.91.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (149.80) but above its 50 period moving average (149.47).

Supports and resistances

152.05 **

151.60 *

151.15 **

150.69

149.73 last

149.42

149.12 **

148.36 *

147.91 **

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