• USD/JPY initially dipped on Thursday but recovered ground as traders were on alert to any intervention from Japanese authorities.
• Japan last intervened in the currency markets in July, conducting a yen-buying operation to support the currency after it fell to a 38-year low, dropping below 161 yen per dollar.
• At GMT 12.09,the dollar was down 0.14% at 157.13 against Japanese yen .
• Immediate resistance is located at 158.18 (23%fib), any close above will push the pair towards 159.00 (Psychological level).
• Support is seen at 156.19 (38.2%fib) and break below could take the pair towards 154.40(50%fib).
Recommendation: Good to buy around 157.00, with stop loss of 156.50 and target price of 158.50
