• USD/JPY firmed against the yen on Wednesday following Trump’s announcement of a trade agreement with Japan ahead of the looming tariff deadline.
• Trump said the agreement would see Japan invest $550 billion into the United States, with a 15% tariff set on U.S. imports from Japan.
• Japan’s Prime Minister Shigeru Ishiba announced that tariffs on Japanese cars exported to the U.S. will be cut to 15% from 25%, with no restrictions placed on import volumes.
• Japan’s Ryosei Akazawa, after extended negotiations with Scott Bessent earlier this week, confirmed that steel and aluminium under separate 50% tariffs—were not part of the trade deal.
• At GMT 06:43, the US dollar was up 0.19% to 146.92 against the Japanese yen.
• Immediate resistance is located at 148.67(38.2%fib), any close above will push the pair towards 149.70(Higher BB).
• Support is seen at 145.90(50%fib) and break below could take the pair towards 144.67 (April 4th low).
Recommendation: Good to buy around 146.80, with stop loss of 146.30 and target price of 147.60
