• USD/JPY gained initially on Tuesday but later retreated as investors digested the BOJ minutes and remained cautious amid ongoing tariff developments.
• Minutes of the BOJ's January meeting released on Tuesday showed policymakers discussed the pace of raising interest rates.
• The BOJ minutes showed that members agreed to continue tightening policy if the outlook for economic activity and prices materialized, given that real interest rates remained significantly low.
• At GMT 11.01,the dollar was down 0.36% at 150.21 against Japanese yen .
• Immediate resistance is located at 150.94 (Daily high), any close above will push the pair towards 151.62(61.8%fib).
• Support is seen at 150.02(50%fib) and break below could take the pair towards 148.22(38.2%fib).
Recommendation: Good to buy around 150.30, with stop loss of 150.80 and target price of 149.20
