USD/JPY may fall 19 - 49 pips

Pivot

156.05

Our preference

Short positions below 156.05 with targets at 155.45 & 155.15 in extension.

Alternative scenario

Above 156.05 look for further upside with 156.40 & 156.70 as targets.

Comment

As long as 156.05 is resistance, look for choppy price action with a bearish bias.

Supports and resistances

156.70

156.40

156.05

155.64 Last

155.45

155.15

154.85

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