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FxWirePro: USD/ JPY changes short term trend from neutral to bearish


• USD/JPY dipped   on Friday as   growing concerns that Japanese authorities may intervene to stabilize the currency provided some support to yen.

• Leading Japanese financial officials recently expressed concerns about the yen's fluctuations, signaling that the government is ready to intervene if speculative trading becomes excessive.

• Japan last intervened in the currency markets in July, conducting a yen-buying operation to support the currency after it dropped to a 38-year low below 161 yen per dollar. 

•  At GMT 06.54,the dollar was down  0.22% at 157.18 against Japanese yen .
 
•  Immediate resistance is located at 157.48 (Dec 31st high), any close above will push the pair towards 158.06 (23.6%fib).

•  Support is seen at 156.38 (38.2%fib) and break below could take the pair towards 156.00(Psychological level ).

Recommendation: Good to sell around 157.20, with stop loss of 158.50 and target price of 156.00
 

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