USD/JPY may fall 49 - 94 pips

Pivot

157.70

Our preference

Short positions below 157.70 with targets at 156.55 & 156.10 in extension.

Alternative scenario

Above 157.70 look for further upside with 158.20 & 158.60 as targets.

Comment

As long as 157.70 is resistance, look for choppy price action with a bearish bias.

Supports and resistances

158.60

158.20

157.70

157.04 Last

156.55

156.10

155.70

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