• USD/JPY rose above 147.00 level on Wednesday as yen weakened amid growing uncertainty on trade negotiations between Washington and Tokyo.
• Japan failed to meet the July 9 trade deal deadline with the U.S., prioritizing auto tariff removal but ultimately losing the temporary pause Trump had granted.
• U.S. President Donald Trump escalated trade tensions on Monday, warning 14 countries—including major suppliers like Japan and South Korea,that they will face steep tariff hikes if no deals are reached by the new August 1 deadline.
• Traders now await further comments from both sides, as well as any signals on whether negotiations might resume before the August 1 deadline set by the U.S. for its latest round of trade decisions.
• Immediate resistance is located at 147.43 (50%fib), any close above will push the pair towards 147.90(Higher BB).
• Support is seen at 145.93(July 8th low) and break below could take the pair towards 144.16 (38.2%fib).
Recommendation: Good to buy around 146.70, with stop loss of 145.60 and target price of 147.50
