USD/JPY: High achieved last week at 156.25 could cap upside – BBH

USD/JPY recently formed a lower peak near 158.85 than the one achieved last year at 162, BBH FX analysts report.

Next bearish objectives are located at 151.50 and 151.00/150.80

"Daily MACD has been posting negative divergence and has now dipped below equilibrium line highlighting regain of downward momentum. This is also highlighted by break below a multi-month ascending trend line. The pair is now close to the 200-DMA at 152.80/152.50 which could be a potential support, but signals of a large bounce are not yet visible."

"High achieved last week at 156.25 could cap upside. Below the MA, next objectives are located at 151.50, the 38.2% retracement from September and projections at 151.00/150.80."