USD/JPY may fall 29 - 49 pips

Pivot

156.40

Our preference

Short positions below 156.40 with targets at 155.70 & 155.50 in extension.

Alternative scenario

Above 156.40 look for further upside with 156.60 & 156.85 as targets.

Comment

As long as 156.40 is resistance, look for choppy price action with a bearish bias.

Supports and resistances

156.85

156.60

156.40

155.99 Last

155.70

155.50

155.25

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