FxWirePro USD/JPY dips as Yen gains after Japan reaffirms FX intervention readiness

• USD/JPY dipped on as  yen firmed after Finance Minister Satsuki Katayama reiterated that authorities stand ready to intervene at any time to support the currency.
    
•   Finance Minister Satsuki Katayama said Tokyo was in regular contact with Washington on foreign exchange issues and remained ready to support the yen after it clawed its way back from 40-year lows.

• The yen got some relief from broad dollar weakness after Thursday's tepid U.S. jobs report pushed back market bets for imminent interest rate hikes by the Federal Reserve..

• The currency's prolonged weakness has become a growing headache for policymakers, inflating the cost of imported raw materials and worsening the squeeze on households and businesses already grappling with higher energy prices linked to the Iran war.
 
•  Immediate resistance is located at 162.91 (23.6%fib), any close above will push the pair towards 163.13(Higher BB).

•  Support is seen at 160.34(38.2%fib) and break below could take the pair towards 159.22(Lower BB).

Recommendation: Good to sell around 161.30, with stop loss of 161.80 and target price of 160.50