FxWirePro: USD/JPY gains some ground but outlook still bearish

 • USD/JPY regained some ground on Friday as recovery was mainly fueled by short-covering as traders adjusted their positions ahead of the month-end.

• On the data front, Japan’s core consumer prices in Japan's capital rose 2.2% in February from a year earlier, data showed on Friday.

•BOJ Governor Kazuo Ueda has stated that the central bank will continue raising interest rates if Japan makes sustained progress in achieving 2% inflation, along with solid wage growth and strong domestic demand.

• Bearish momentum is likely to pick up with a move below 23.6% fib, potentially targeting the 148.00 level.

• At GMT 10:58, The greenback  was last  trading up 0.37% to 150.36 against Japanese  yen.
 
• Immediate resistance is located at 150.80(38.2%fib), any close above will push the pair towards 152.33(50%fib).

•  Support is seen at 149.03 (23.6%fib) and break below could take the pair towards 148.01 (Lower BB)

Recommendation: Good to sell  around 150.50, with stop loss of 151.40 and target price of 149.00