• USD/JPY edged higher as yen struggled to retain intervention gains as concerns about U.S.-Iran deal and jitters about upcoming U.S. payroll data left traders cautious.
• Traders remained vigilant as developments in the Gulf unfolded, with Reuters reporting that a proposed Iran-Oman deal could allow Tehran to oversee inbound traffic through the Strait of Hormuz.
• President Donald Trump expressed confidence that a deal to reopen the Strait of Hormuz was near, but U.S. officials reiterated they would not accept Iranian control over the strategic waterway.
• Minutes from the BOJ's June meeting showed policymakers debated the need for additional rate increases as inflation risks intensified after lifting borrowing costs to their highest level in 31 years.
• The yen surged as much as 5% against the dollar after coordinated intervention by Tokyo and Washington, though it struggled to hold onto those gains.
• Immediate resistance is located at 158.00(Psychological level), any close above will push the pair towards 159.20 (50%fib).
• Support is seen at 157.12 (38.2%fib) and break below could take the pair towards 155.68(Lower BB).
Recommendation: Good to sell around 157.90, with stop loss of 158.50 and target price of 157.00
