FxWirePro: USD/JPY bulls reclaim momentum in bid for 150.00 level

• USD/JPY advanced on Monday  as U.S. dollar surged following a breakthrough in trade negotiations between the United States and China

• US -China  reached a deal to significantly reduce tariffs, marking a key de-escalation in the ongoing trade conflict.

• Under the new agreement, the U.S. will cut the additional tariffs imposed on Chinese imports from 145% to 30%, while China will reduce its tariffs on U.S. goods from 125% to 10%.

• This agreement, which came after intense talks over the weekend, exceeded market expectations and alleviated fears of further trade disruptions.

• Immediate resistance is located at 148.48 (38.2%fib), any close above will push the pair towards 145.20(23.6%fib).

•  Support is seen at 146.43(50%fib) and break below could take the pair towards  144.39(61.8%fib).

Recommendation: Good to buy  around 148.00, with stop loss of 147.50 and target price of 150.00