FxWirePro: USD/JPY retreats slightly but trend is still bullish

• USD/JPY eased slightly on Tuesday as traders awaited developments in U.S. trade policy ahead of the August 1 deadline set by President Trump.

• U.S. and EU struck a framework trade deal with a 15% tariff on EU goods, easing tensions and averting a larger trade conflict.

• The U.S.-EU trade deal initially cheered markets, but its one-sided nature strengthened the dollar and hurt regional currencies.

• Meanwhile, U.S. and Chinese officials met for over five hours in Stockholm on Monday, aiming to ease trade tensions and extend their truce by three months.

•  Investors await key U.S. data this week, including inflation and jobs reports, along with the Fed’s two-day policy meeting starting today, where rates are expected to remain unchanged.

• Immediate resistance is located at 148.72(38.2%fib), any close above will push the pair towards 149.85(Higher BB).

• Support is seen at 147.08(SMA20) and break below could take the pair towards  146.29 (50%fib).

Recommendation: Good to buy around 148.20, with stop loss of 147.50 and target price of 149.00