FxWirePro: USD/ JPY loses momentum but outlook is bullish

 • USD/JPY eased on Friday as verbal intervention from Japanese official underpined the Japanese Yen

  • Finance Minister Satsuki Katayama warned on Wednesday that authorities were vigilant to "one-sided, sharp moves" in the exchange-rate market, adding the negative aspects of a weak yen have become more pronounced than the positives.

  • Japanese officials are battling the yen’s fall again, yet their actions are faltering as Prime Minister Takaichi places stimulus advocates in influential roles.  

•Tokyo officials this week cautioned against steep declines in the yen, continuing the verbal strategy of past administrations, even as new policy advisers advocate for the advantages of a weaker currency.

• Technical signals are   bullish as RSI is   at 62, daily momentum studies  5, 9 and 10 DMAs are trending up.
 
• Immediate resistance is located at 155.08(23.6%fib), any close above will push the pair towards 156.02 (Higher BB).

•  Support is seen at 154.00(Psychological level) and break below could take the pair towards 153.35 (38.2%fib)

Recommendation: Good to buy  around 154.30, with stop loss of 153.500 and target price of 155.00