• USD/JPY strengthened on Monday as yen weakened on growing concerns that Japanese authorities may intervene to stabilize the currency.
• Leading Japanese financial officials voiced their concerns on Friday, saying that the government is concerned about recent changes in the value of the currency and is prepared to step in if speculative trading is deemed excessive.
• Japan last intervened in the currency markets in July, conducting a yen-buying operation to support the currency after it plunged to a 38-year low below 161 per dollar.
• At GMT 07.53,the dollar was up 0.23% at 156.71 against Japanese yen .
• Immediate resistance is located at 157.22 (Higher BB), any close above will push the pair towards 158.10 (23.6%fib).
• Support is seen at 156.19 (38.2%fib) and break below could take the pair towards 155.00(Psychological level ).
Recommendation: Good to buy around 156.50, with stop loss of 155.70 and target price of 158.50
