• USD/JPY dipped on Friday as growing concerns that Japanese authorities may intervene to stabilize the currency provided some support to yen.
• Leading Japanese financial officials recently expressed concerns about the yen's fluctuations, signaling that the government is ready to intervene if speculative trading becomes excessive.
• Japan last intervened in the currency markets in July, conducting a yen-buying operation to support the currency after it dropped to a 38-year low below 161 yen per dollar.
• At GMT 06.54,the dollar was down 0.22% at 157.18 against Japanese yen .
• Immediate resistance is located at 157.48 (Dec 31st high), any close above will push the pair towards 158.06 (23.6%fib).
• Support is seen at 156.38 (38.2%fib) and break below could take the pair towards 156.00(Psychological level ).
Recommendation: Good to sell around 157.20, with stop loss of 158.50 and target price of 156.00
