FxWirePro: USD/JPY downside pressure builds, key support level in focus

• USD/JPY  dipped   on Wednesday as Japanese yen strengthened on bets    Bank of Japan may raise interest rates in December.

• A key indicator of Japan's service-sector inflation remained close to 3% in October, according to data released on Tuesday. This trend provides further evidence that conditions are aligning for a potential near-term interest rate hike by the Bank of Japan.

• Japan's services producer price index, which tracks the prices companies charge each other for services, increased by 2.9% in October compared to the previous year, according to data from the Bank of Japan.

• The data will be among factors the BOJ will scrutinise at its next policy meeting in December, when some analysts expect it to hike interest rates from the current 0.25%.
 
•  Immediate resistance is located at 153.11 (38.2%fib), any close above will push the pair towards 154.15 ( (SMA9).

• Support is seen at 152.00 (Psychological level) and break below could take the pair towards 151.82(50%fib).    

Recommendation: Good to sell around 152.50, with stop loss of 153.20 and target price of 151.30