• USD/JPY drifted lower on Friday after top Japanese finance officials said the government is alarmed by recent foreign exchange moves.
• The dollar hit a seven-month high of 157.93 on Friday after the Bank of Japan kept rates unchanged.
• Finance Minister Kato on Friday expressed concern over recent foreign exchange fluctuations and stated the government was prepared to intervene if speculative actions became excessive.
• Japan last intervened in the currency market in July, buying yen to stabilize the currency after it fell to a 38-year low of below 161 per dollar.
• Immediate resistance is located at 157.08 (23.6%fib), any close above will push the pair towards 158.00 (Psychological level).
• Support is seen at 155.44 (14th Nov low) and break below could take the pair towards 154.24(38.2%fib).
Recommendation: Good to buy around 156.10, with stop loss of 155.40 and target price of 157.00
