FxWirePro: USD/JPY dips below lower range, bearish bias increases

 • USD/JPY declined on Friday   as investors ramped up bets that the Bank of Japan will continue increasing interest rates

• The BOJ raised interest rates to 0.5% from 0.25% at its policy meeting on January 23-24 on the view Japan was on the cusp of sustainaby achieving its 2% inflation target.

•BOJ Governor Kazuo Ueda has signaled his readiness to raise interest rates further if sustained wage gains keep the economy on track to see inflation durably move around 2%.

•Most economists anticipate the Bank of Japan will raise short-term interest rates later this year, according to a monthly survey by the Japan Center for Economic Research (JCER) on Thursday.

• At GMT 10:54, The greenback  was last  trading down 0.15% to 152.56 against Japanese  yen.
 
• Immediate resistance is located at 154.60(50%fib), any close above will push the pair towards 155.80(Feb 4th high).

•  Support is seen at 153.21 (38.2%fib) and break below could take the pair towards 150.36 (Lower BB)

Recommendation: Good to sell  around 152.60, with stop loss of 153.40 and target price of 152.00