USD/JPY may rise 34 - 64 pips
Our preference
Long positions above 129.65 with targets at 130.25 & 130.55 in extension.
Alternative scenario
Below 129.65 look for further downside with 129.30 & 128.95 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Daily and weekly charts are also bullish.
Our preference
Long positions above 129.65 with targets at 130.25 & 130.55 in extension.
Alternative scenario
Below 129.65 look for further downside with 129.30 & 128.95 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Daily and weekly charts are also bullish.