• USD/JPY edged lower on Thursday as the yen strengthened on speculation of possible joint US-Japan intervention after the New York Fed’s rate check.
• Traders remain wary of possible unilateral action by Tokyo, even as BoJ data shows no official market intervention so far.
• The yen has jumped nearly 4% since Friday without FX intervention, and if Tokyo wants to capitalize on the move, now is the moment to act..
•The yen surged to a 2.5-month high near 153.00 per dollar on Tuesday after the New York Fed conducted dollar/yen rate checks on Friday at Tokyo’s request.
• Immediate resistance is located at 153.64(50%fib), any close above will push the pair towards 156.23 (38.2%fib).
• Support is seen at 152.00(Psychological level) and break below could take the pair towards 150.78 (61.8%fib)
Recommendation: Good to sell around 153.40, with stop loss of 154.50 and target price of 153.00
