• USD/JPY dipped on Monday as traders were on alert for further intervention after Tokyo and Washington jointly intervened in the foreign exchange market.
•Japan's Finance Ministry said on Monday that Tokyo and Washington jointly intervened in currency markets to bolster the yen, adding that authorities remain ready to take additional measures to counter excessive weakness in the curreny
•Japan's Finance Ministry said Friday's yen-buying intervention, conducted in coordination with the U.S. Treasury Department, was aimed at countering excessive volatility and disorderly movements in the yen in recent months.
• The yen has remained under pressure for years as the Bank of Japan's gradual approach to monetary policy tightening kept yield differentials with other major economies wide.
• Immediate resistance is located at 157.86 (50%fib), any close above will push the pair towards 158.48 (May 14th high).
• Support is seen at 156.00 (Psychological level) and break below could take the pair towards 155.11(61.8%fib).
Recommendation: Good to sell around 156.80, with stop loss of 159.50 and target price of 155.80
