FxWirePro: USD/JPY recovers slightly but bears are not done yet

 • USD/JPY edged higher on Tuesday, but gains were limited as markets assessed the timing of further Japan rate hikes and the risk of intervention.

• Bank of Japan policymakers debated the need for further rate hikes, minutes showed, after the bank raised its policy rate earlier this month to a 30-year high of 0.75% from 0.5%..

• Finance Minister Satsuki Katayama said last week Japan has a free hand to counter excessive yen moves, with similar official comments helping check the currency’s recent weakness against the dollar.

• BOJ Governor Kazuo Ueda reiterated on Thursday that the central bank is ready to keep raising rates if economic and inflation conditions warrant, lending further support to the yen.

• Immediate resistance is located at 157.33(Higher BB), any close above will push the pair towards 157.64 (23.6%fib).

•  Support is seen at 155.91(SMA 20) and break below could take the pair towards 155.00 (Psychological level)

Recommendation: Good to sell  around 156.30 with stop loss of 157.20 and target price of 155.50