• USD/JPY rebounded from five week low on Thursday as dollar firmed as investors assessed a wave of economic data indicating persistent U.S. inflation.
• The market is focused on the Fed's potential rate cuts, with the latest core Personal Consumption Expenditures (PCE) data indicating a slowdown in inflation.
• Markets now see a 68.2% chance of a quarter-point rate cut in December, as per the CME group's FedWatch tool.
•Trading is expected to be thin with U.S. markets closed on Thursday for the Thanksgiving holiday.
• Immediate resistance is located at 152.38 (38.2%fib), any close above will push the pair towards 153.32 ( (Nov 28th high).
• Support is seen at 150.64(50%fib) and break below could take the pair towards 150.00(Psychological level).
Recommendation: Good to buy around 151.50, with stop loss of 150.20 and target price of 152.80
