• USD/JPY dipped on Friday as the yen strengthened after Ueda's comments suggested possible upcoming rate hikes.
• Bank of Japan Governor Kazuo Ueda reaffirmed his commitment to raise interest rates if inflation continues to trend towards a sustainable 2% target.
• A daily close below 38.2%fib will further improve bearish outlook, and open the possibility of drop towards 144.00.
• Immediate resistance is located at 146.65 (50%fib), any close above will push the pair towards 147.00 (Psychological level).
• Support is seen at 145.01 (38.2%fib) and break below could take the pair towards 144.46 (Aug 21st low).
Recommendation: Good to sell around 145.40, with stop loss of 146.00 and target price of 144.00
