USD/JPY Bears Eye 157 Ahead of BOJ MeetingU.S. DOLLAR / JAPANESE YENFX_IDC:USDJPYStoneXTradingThe weekly chart shows two lower highs have formed on USD/JPY, the most recent of which snapped a four-week rally that was already losing bullish momentum. While the daily chart has seen prices retrace higher, USD/JPY is now stuck between the 200-day SMA and EMA, within a previous congestion zone. Such areas can make for decent resistance zones. The fact we’ve now seen a shooting star candle below the 200-day EMA suggests bears may be trying to carve out a swing high. Given the Fed were not overly hawkish, a slightly hawkish tilt from the BOJ tomorrow could see USD/JPY turn lower. The 157 level is near the monthly pivot point, making it a potential downside target for bears over the near term. MS