FxWirePro: USD/JPY holding bid into weekend

• USD/JPY remains relatively well bid as Japanese yen weakened on Middle East-driven risk concerns, while a modest USD uptick provided additional support to the currency pair.

• Unresolved geopolitical tensions continue to support the U.S. dollar, although traders remain cautious heading into the weekend.

• Japanese Finance Minister Satsuki Katayama warned on Friday that authorities stand ready to act against speculative moves in currency markets, noting that volatility has increased “significantly.” 

• On the data front ,Japanese wholesale inflation jumped in March and the central bank's deputy governor called for vigilance to the risk of stagflation, highlighting mounting price pressure that may prod the central bank to raise interest rates as soon as this month.
 
•  Immediate resistance is located at 159.25(SMA 20), any close above will push the pair towards 160.42(23.6%fib).

•  Support is seen at 158.17 (38.2%fib) and break below could take the pair towards 157.78(Lower BB ).

Recommendation: Good to buy  around 159.10, with stop loss of 158.60 and target price of 159.60