• USD/JPY dipped on Monday as traders were on alert for further intervention after Tokyo and Washington jointly intervened in the foreign exchange market. • 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