USD/JPY may rise 91 - 136 pips

Our pivot point stands at 148.71.

Our preference

The upside prevails as long as 148.71 is support.

Alternative scenario

The downside breakout of 148.71 would call for 147.96 and 147.52.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 149.34 and 149.27). Finally, the USD/JPY has crossed above its upper Bollinger band (149.57).

Supports and resistances

151.93 **

151.48 *

151.04 **

150.59

149.68 last

149.00

148.71 **

147.96 *

147.52 **

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