FxWirePro: USD/JPY declines as BOJ Member's remarks boost rate hike expectations

 • USD/JPY fell on Wednesday as the yen strengthened following remarks from a BOJ board member supported expectations of a rate hike.

• BOJ board member Hajime Takata said on Wednesday that interest rates must rise to prevent excessive risk-taking and rising inflation, reinforcing expectations of more rate hikes..

 • Takata offered little insight on the timing or extent of future rate hikes, stating the BOJ has no preset plan for them.

 • In January, the BOJ raised its short-term interest rate to 0.5% from 0.25%, signaling confidence that Japan is progressing toward its 2% inflation target.

• At GMT 10:07, the pair was trading down 0.20 % at 151.74 . 

• Immediate resistance is located at 152.92 (50%fib), any close above will push the pair towards 154.70(61.8%fib).

•  Support is seen at 150.97(38.2%fib) and break below could take the pair towards 149.59 (Lower BB)

Recommendation: Good to sell around 151.80, with stop loss of 152.50 and target price of 151.20