• USD/JPY strengthened on Thursday as yen weakened sharply after the BOJ left policy settings unchanged and offered few clues on its monetary outlook.
• As anticipated, the nine-member BOJ board voted 8-1 to maintain the short-term policy rate at 0.25%.
• BOJ Governor Kazuo Ueda stated that more time is needed to assess economic data and the impact of U.S. President-elect Trump's policies after he takes office in January.
•The Japanese yen has dropped over 8% against the dollar in 2024, partly due to expectations that the BOJ will take a cautious approach in raising ultra-low rates.
•Immediate resistance is located at 157.65 (23.6%fib), any close above will push the pair towards 158.29 (Higher BB).
• Support is seen at 156.37 (38.2%fib) and break below could take the pair towards 155.22(50%fib).
Recommendation: Good to buy around 156.80, with stop loss of 156.00 and target price of 158.00
