USD/JPY may rise 35 - 65 pips

Pivot

158.55

Our preference

Long positions above 158.55 with targets at 159.20 & 159.50 in extension.

Alternative scenario

Below 158.55 look for further downside with 158.20 & 157.90 as targets.

Comment

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances

159.75

159.50

159.20

158.85 Last

158.55

158.20

157.90

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