FxWirePro: USD/ JPY takes back some lost ground

 • USD/JPY edged higher on Wednesday  as  stronger dollar offset Bank of Japan  hawkish hold .   .

• The BOJ kept its policy rate unchanged at 0.75%, but a rare 6–3 split - the widest since Ueda took office - fueled expectations of a possible rate hike as early as June.

• Three dissenting board members—Junko Nakagawa, Hajime Takata, and Naoki Tamura—backed a rate hike to 1.0%, warning that escalating inflation risks linked to war-driven energy supply disruptions through the Strait of Hormuz warrant tighter policy..

• BOJ Gov  Kazuo Ueda reaffirmed the central bank’s commitment to a gradual tightening path, indicating that interest rates could continue to rise in line with evolving economic, inflation, and financial conditions.

•Meanwhile, Finance Minister Satsuki Katayama reiterated that authorities stand ready to intervene in currency markets at any time to support the yen.

•Traders remained on alert for a potential intervention from ​Japanese authorities to shore up the currency, with the 160 level often seen as a potential trigger for such a move.

• Immediate resistance is located at 160.04(Higher BB), any close above will push the pair towards 160.44 (Higher BB).

•  Support is seen at 159.26(SMA 20) and break below could take the pair towards 158.85 (38.2%fib)

Recommendation: Good to buy  around 159.50, with stop loss of 158.50 and target price of 160.30