FxWirePro: USD/JPY rebounds strongly, eyes level 156.00 level

• USD/JPY rebounded on Friday as investors digested the latest Japan’s headline inflation data.

•Japan's core inflation in October remained above the central bank's 2% target, with a key index excluding fuel showing an acceleration, according to data released on Friday.•

•The data also revealed ongoing increases in service prices, a key indicator closely monitored by the Bank of Japan (BOJ) to assess whether businesses are passing on higher labor costs..

•The data will be among the factors the BOJ considers at its next policy meeting on December 18-19. A poll of economists shows that 56% expect the BOJ to raise rates again in December.

• At GMT 06:34 the dollar was up 0.28 % at 154.88 against Japanese Yen .
 
•  Immediate resistance is located at 155.33 (38.2%fib), any close above will push the pair towards 156.00(Psychological level).

• Support is seen at 153.98(38.2%fib) and break below could take the pair towards 153.28 (Nov 19th low).            

Recommendation: Good to buy around 154.70, with stop loss of 153.90 and target price of 156.00