USD/JPY may rise 94 - 138 pips

Our pivot point stands at 148.87.

Our preference

Rebound.

Alternative scenario

The downside breakout of 148.87 would call for 148.12 and 147.68.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above its 20 period moving average (149.22) but under its 50 period moving average (149.48).

Supports and resistances

151.74 **

151.30 *

150.85 **

150.41

149.47 last

149.16

148.87 **

148.12 *

147.68 **

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