USD/JPY may rise 11 - 31 pips

Intraday: bullish bias above 161.45.

Pivot

161.45

Our preference

Long positions above 161.45 with targets at 161.80 & 162.00 in extension.

Alternative scenario

Below 161.45 look for further downside with 161.25 & 161.00 as targets.

Comment

A support base at 161.45 has formed and has allowed for a temporary stabilisation.

Supports and resistances

162.40

162.00

161.80

161.69 Last

161.45

161.25

161.00

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

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