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FxWirePro: USD/ JPY consolidating around 157.12, bias is bullish

• 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

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