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

 • The USD/JPY dipped  on Thursday as   shift in Japan’s monetary policy outlook supported the yen, as traders anticipate further tightening in response to economic conditions and inflation trends.

  • Bank of Japan Deputy Governor Ryozo Himino stated on Thursday that the central bank will keep raising interest rates if the economy and prices align with its forecasts.

  • The BOJ raised interest rates to 0.5% from 0.25% last week, believing that rising wages will help maintain inflation around its 2% target.  

• Technical signals are  bearish as RSI is   at 43, daily momentum studies  5, 9 and 10 SMAs are trending down.
 
• Immediate resistance is located at 155.41(38.2%fib), any close above will push the pair towards 156.00 (Psychological level).

•  Support is seen at 154.10(50%fib) and break below could take the pair towards 153.45 (Lower BB)

Recommendation: Good to sell  around 154.60, with stop loss of 155.20 and target price of 154.00