USD/JPY may rise 92 - 136 pips

Our pivot point stands at 149.61.

Our preference

The upside prevails as long as 149.61 is support.

Alternative scenario

Below 149.61, expect 148.86 and 148.41.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 149.86 and 149.62).

Supports and resistances

152.49 **

152.05 *

151.60 **

151.16

150.24 last

149.90

149.61 **

148.86 *

148.41 **

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