USD/JPY may fall 169 - 229 pips

Pivot

160.20

Our preference

Short positions below 160.20 with targets at 157.40 & 156.80 in extension.

Alternative scenario

Above 160.20 look for further upside with 160.90 & 161.80 as targets.

Comment

As long as 160.20 is resistance, look for choppy price action with a bearish bias.

Supports and resistances

161.80

160.90

160.20

159.09 Last

157.40

156.80

156.00

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