USD/JPY may rise 97 - 142 pips

Our pivot point stands at 152.37.

Our preference

As long as 152.37 is support look for 154.42.

Alternative scenario

Below 152.37, expect 151.60 and 151.15.

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 below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 152.72 and 151.87).

Supports and resistances

155.34 **

154.88 *

154.42 **

153.97

153.00 last

152.67

152.37 **

151.60 *

151.15 **

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