Overview:

USD/JPY is expected to consolidate with bullish bias after hitting eight-day high at 102.57 on Friday. Liquidity was thin as financial markets in several countries were shut today for Easter holiday. USD/JPY is supported by the positive dollar sentiment on last week's Wall Street gains and upbeat U.S. data; yen-funded funded carry trades amid diminished investor risk aversion on low FX volatility, buoyant U.S. Treasury yields and demand from Japan importers. But USD/JPY upside is limited by Japan's exporter sales and diminished expectations of further easing from the Bank of Japan.

Technical сomment:
Daily chart is mixed as MACD is bearish, but stochastics is in bullish mode.

Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 102.90 and the second target at 103.20. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 101.85. A breach of this target will push the pair further downwards and one may expect the second target at 101.65. The pivot point is at 102.30.

Resistance levels:
102.90
103.20
103.50

Support levels:
101.85
101.65
101.45