USD/JPY struggles near 157.90 pivot – Société Générale

USD/JPY faces resistance near 157.90, with a brief bounce possible, but failure to clear this level could extend the recent pullback toward 154.40–152.80, Société Générale's FX analysts note.

Lower high signals potential pullback

"USD/JPY recently carved out a lower high near 157.90 than the one achieved in January at 158.85. It has retracted towards a steep up-sloping trend line. A brief bounce cannot be ruled out but inability to overcome recent pivot high of 157.90 may lead to persistence in pullback."

"If the down move extends, last month high of 154.40 and recent pivot low of 152.80 could be the next supports."