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FxWirePro: USD/JPY firms as Japanese Yen weakens after BoJ rate hike

• USD/JPY firmed on Friday as after BOJ raise policy rate to 0.75% from 0.5% as widely expected. • The move underscored the central bank’s confidence that Japan is on track to sustainably meet its 2% inflation goal, supp…

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FxWirePro: USD/JPY firms as Japanese Yen weakens after BoJ rate hike
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 • USD/JPY firmed on Friday  as after BOJ raise policy rate to 0.75% from 0.5% as widely expected.

 • The move underscored the central bank’s confidence that Japan is on track to sustainably meet its 2% inflation goal, supported by wage growth, and remains ready to continue normalising monetary policy.

• The Bank of Japan raised interest rates on Friday to levels not seen in three decades, marking another landmark step in unwinding decades of massive monetary stimulus and near-zero borrowing costs.

• As anticipated, the central bank unanimously lifted short-term interest rates from 0.5% to 0.75%.

•Data released on Friday showed core consumer inflation hit 3.0% in November, steady from the previous month and well exceeding the BOJ's target.

•BOJ Governor Kazuo Ueda will hold a news conference to explain the decision at 3:30 p.m. (0630 GMT).

• Immediate resistance is located at 156.93(Higher BB), any close above will push the pair towards 157.47(23.6%fib).

•  Support is seen at 155.14 (38.2%fib) and break below could take the pair towards 154.74 (Lower BB)

Recommendation: Good to buy around 155.70 with stop loss of 154.50 and target price of 156.80

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