FxWirePro: USD/JPY range bound as BOJ minutes offer no surprises

• USD/JPY traded in tight range on Tuesday as market digested minutes from the Bank of Japan’s June meeting.

• According to minutes published onTuesday, several members at the June meeting argued for holding interest rates steady, warning that escalating U.S. tariffs posed a threat to economic stability and growth.

• Some board members also emphasized the need to examine the appropriate long-term size of the BOJ's balance sheet while deciding next year's bond taper plan, the minutes showed

• The minutes also revealed that policymakers noted inflation had exceeded expectations, with some members cautioning that the recent surge in food prices could shape public perceptions and fuel concerns about future inflation trends.

• The BOJ opted to keep rates unchanged at 0.5% during its June 16–17 policy meeting and decided to scale back the pace of quantitative tightening from next year

• Immediate resistance is located at 147.71 (SMA 20), any close above will push the pair towards 148.56(23.6%fib).

•  Support is seen at 146.76(50%fib) and break below could take the pair towards  145.95 (July 24th low).

Recommendation: Good to buy around 147.00, with stop loss of 146.60 and target price of 147.80