Tanalys

USD/JPY Intraday: bullish bias above 123.4.

Pivot: 123.4

Our preference: Long positions above 123.4 with targets @ 124.8 125.5 in extension.

Alternative scenario: Below 123.4 look for further downside with 122.85 122.45 as targets.

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

Supports and resistances:

126.3

125.5

124.8

123.6725 Last

123.4

122.85

122.45

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